Correlation Between Grayscale Bitcoin and CONSOLIDATED
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By analyzing existing cross correlation between Grayscale Bitcoin Mini and CONSOLIDATED EDISON N, you can compare the effects of market volatilities on Grayscale Bitcoin and CONSOLIDATED 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 CONSOLIDATED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grayscale Bitcoin and CONSOLIDATED.
Diversification Opportunities for Grayscale Bitcoin and CONSOLIDATED
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Grayscale and CONSOLIDATED is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Grayscale Bitcoin Mini and CONSOLIDATED EDISON N in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONSOLIDATED EDISON 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 CONSOLIDATED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONSOLIDATED EDISON has no effect on the direction of Grayscale Bitcoin i.e., Grayscale Bitcoin and CONSOLIDATED go up and down completely randomly.
Pair Corralation between Grayscale Bitcoin and CONSOLIDATED
Considering the 90-day investment horizon Grayscale Bitcoin Mini is expected to under-perform the CONSOLIDATED. But the etf apears to be less risky and, when comparing its historical volatility, Grayscale Bitcoin Mini is 23.63 times less risky than CONSOLIDATED. The etf trades about -0.01 of its potential returns per unit of risk. The CONSOLIDATED EDISON N is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 11,572 in CONSOLIDATED EDISON N on August 31, 2024 and sell it today you would lose (124.00) from holding CONSOLIDATED EDISON N or give up 1.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 59.62% |
| Values | Daily Returns |
Grayscale Bitcoin Mini vs. CONSOLIDATED EDISON N
Performance |
| Timeline |
| Grayscale Bitcoin Mini |
| CONSOLIDATED EDISON |
Grayscale Bitcoin and CONSOLIDATED Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grayscale Bitcoin and CONSOLIDATED
The main advantage of trading using opposite Grayscale Bitcoin and CONSOLIDATED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grayscale Bitcoin position performs unexpectedly, CONSOLIDATED 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 CONSOLIDATED will offset losses from the drop in CONSOLIDATED'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 |
| CONSOLIDATED vs. AEP TEX INC | CONSOLIDATED vs. US BANK NATIONAL | CONSOLIDATED vs. International Business Machines | CONSOLIDATED vs. Intel |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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