Correlation Between Grayscale Bitcoin and CARRIER
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By analyzing existing cross correlation between Grayscale Bitcoin Mini and CARRIER GLOBAL P, you can compare the effects of market volatilities on Grayscale Bitcoin and CARRIER and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Grayscale Bitcoin with a short position of CARRIER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grayscale Bitcoin and CARRIER.
Diversification Opportunities for Grayscale Bitcoin and CARRIER
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Grayscale and CARRIER is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Grayscale Bitcoin Mini and CARRIER GLOBAL P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CARRIER GLOBAL P and Grayscale Bitcoin is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Grayscale Bitcoin Mini are associated (or correlated) with CARRIER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CARRIER GLOBAL P has no effect on the direction of Grayscale Bitcoin i.e., Grayscale Bitcoin and CARRIER go up and down completely randomly.
Pair Corralation between Grayscale Bitcoin and CARRIER
Considering the 90-day investment horizon Grayscale Bitcoin Mini is expected to generate 2.93 times more return on investment than CARRIER. However, Grayscale Bitcoin is 2.93 times more volatile than CARRIER GLOBAL P. It trades about 0.33 of its potential returns per unit of risk. CARRIER GLOBAL P is currently generating about -0.03 per unit of risk. If you would invest 3,185 in Grayscale Bitcoin Mini on August 31, 2024 and sell it today you would earn a total of 1,108 from holding Grayscale Bitcoin Mini or generate 34.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grayscale Bitcoin Mini vs. CARRIER GLOBAL P
Performance |
| Timeline |
| Grayscale Bitcoin Mini |
| CARRIER GLOBAL P |
Grayscale Bitcoin and CARRIER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grayscale Bitcoin and CARRIER
The main advantage of trading using opposite Grayscale Bitcoin and CARRIER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grayscale Bitcoin position performs unexpectedly, CARRIER can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in CARRIER will offset losses from the drop in CARRIER's long position.| Grayscale Bitcoin vs. ProShares Trust | Grayscale Bitcoin vs. iShares Ethereum Trust | Grayscale Bitcoin vs. ProShares Trust | Grayscale Bitcoin vs. Grayscale Ethereum Trust |
| CARRIER vs. Evertz Technologies Limited | CARRIER vs. Live Ventures | CARRIER vs. ServiceNow | CARRIER vs. Asure Software |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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