Correlation Between Grayscale Bitcoin and 465685AK1
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By analyzing existing cross correlation between Grayscale Bitcoin Mini and ITC HLDGS P, you can compare the effects of market volatilities on Grayscale Bitcoin and 465685AK1 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 465685AK1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grayscale Bitcoin and 465685AK1.
Diversification Opportunities for Grayscale Bitcoin and 465685AK1
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Grayscale and 465685AK1 is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Grayscale Bitcoin Mini and ITC HLDGS P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ITC HLDGS 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 465685AK1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ITC HLDGS P has no effect on the direction of Grayscale Bitcoin i.e., Grayscale Bitcoin and 465685AK1 go up and down completely randomly.
Pair Corralation between Grayscale Bitcoin and 465685AK1
Considering the 90-day investment horizon Grayscale Bitcoin Mini is expected to generate 8.07 times more return on investment than 465685AK1. However, Grayscale Bitcoin is 8.07 times more volatile than ITC HLDGS P. It trades about 0.3 of its potential returns per unit of risk. ITC HLDGS P is currently generating about -0.25 per unit of risk. If you would invest 3,085 in Grayscale Bitcoin Mini on August 29, 2024 and sell it today you would earn a total of 947.00 from holding Grayscale Bitcoin Mini or generate 30.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 81.82% |
| Values | Daily Returns |
Grayscale Bitcoin Mini vs. ITC HLDGS P
Performance |
| Timeline |
| Grayscale Bitcoin Mini |
| ITC HLDGS P |
Grayscale Bitcoin and 465685AK1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grayscale Bitcoin and 465685AK1
The main advantage of trading using opposite Grayscale Bitcoin and 465685AK1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grayscale Bitcoin position performs unexpectedly, 465685AK1 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 465685AK1 will offset losses from the drop in 465685AK1'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 |
| 465685AK1 vs. Luxfer Holdings PLC | 465685AK1 vs. Sealed Air | 465685AK1 vs. Eastman Chemical | 465685AK1 vs. Avient Corp |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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