Correlation Between Grayscale Bitcoin and 465685AP0
Specify exactly 2 symbols:
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 465685AP0 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 465685AP0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grayscale Bitcoin and 465685AP0.
Diversification Opportunities for Grayscale Bitcoin and 465685AP0
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Grayscale and 465685AP0 is -0.72. 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 465685AP0. 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 465685AP0 go up and down completely randomly.
Pair Corralation between Grayscale Bitcoin and 465685AP0
Considering the 90-day investment horizon Grayscale Bitcoin Mini is expected to generate 5.73 times more return on investment than 465685AP0. However, Grayscale Bitcoin is 5.73 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 -0.2 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 | 100.0% |
| Values | Daily Returns |
Grayscale Bitcoin Mini vs. ITC HLDGS P
Performance |
| Timeline |
| Grayscale Bitcoin Mini |
| ITC HLDGS P |
Grayscale Bitcoin and 465685AP0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grayscale Bitcoin and 465685AP0
The main advantage of trading using opposite Grayscale Bitcoin and 465685AP0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grayscale Bitcoin position performs unexpectedly, 465685AP0 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 465685AP0 will offset losses from the drop in 465685AP0'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 |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |