Correlation Between Grayscale Bitcoin and EVERSOURCE
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By analyzing existing cross correlation between Grayscale Bitcoin Mini and EVERSOURCE ENERGY 33, you can compare the effects of market volatilities on Grayscale Bitcoin and EVERSOURCE 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 EVERSOURCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grayscale Bitcoin and EVERSOURCE.
Diversification Opportunities for Grayscale Bitcoin and EVERSOURCE
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Grayscale and EVERSOURCE is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Grayscale Bitcoin Mini and EVERSOURCE ENERGY 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EVERSOURCE ENERGY 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 EVERSOURCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EVERSOURCE ENERGY has no effect on the direction of Grayscale Bitcoin i.e., Grayscale Bitcoin and EVERSOURCE go up and down completely randomly.
Pair Corralation between Grayscale Bitcoin and EVERSOURCE
Considering the 90-day investment horizon Grayscale Bitcoin Mini is expected to under-perform the EVERSOURCE. In addition to that, Grayscale Bitcoin is 4.72 times more volatile than EVERSOURCE ENERGY 33. It trades about -0.01 of its total potential returns per unit of risk. EVERSOURCE ENERGY 33 is currently generating about 0.0 per unit of volatility. If you would invest 9,411 in EVERSOURCE ENERGY 33 on August 31, 2024 and sell it today you would lose (208.00) from holding EVERSOURCE ENERGY 33 or give up 2.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 79.08% |
| Values | Daily Returns |
Grayscale Bitcoin Mini vs. EVERSOURCE ENERGY 33
Performance |
| Timeline |
| Grayscale Bitcoin Mini |
| EVERSOURCE ENERGY |
Grayscale Bitcoin and EVERSOURCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grayscale Bitcoin and EVERSOURCE
The main advantage of trading using opposite Grayscale Bitcoin and EVERSOURCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grayscale Bitcoin position performs unexpectedly, EVERSOURCE 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 EVERSOURCE will offset losses from the drop in EVERSOURCE'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 |
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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