Correlation Between Grayscale Bitcoin and NATIONAL
Specify exactly 2 symbols:
By analyzing existing cross correlation between Grayscale Bitcoin Mini and NATIONAL FUEL GAS, you can compare the effects of market volatilities on Grayscale Bitcoin and NATIONAL 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 NATIONAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grayscale Bitcoin and NATIONAL.
Diversification Opportunities for Grayscale Bitcoin and NATIONAL
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Grayscale and NATIONAL is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Grayscale Bitcoin Mini and NATIONAL FUEL GAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NATIONAL FUEL GAS 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 NATIONAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NATIONAL FUEL GAS has no effect on the direction of Grayscale Bitcoin i.e., Grayscale Bitcoin and NATIONAL go up and down completely randomly.
Pair Corralation between Grayscale Bitcoin and NATIONAL
Considering the 90-day investment horizon Grayscale Bitcoin Mini is expected to under-perform the NATIONAL. But the etf apears to be less risky and, when comparing its historical volatility, Grayscale Bitcoin Mini is 15.66 times less risky than NATIONAL. The etf trades about -0.01 of its potential returns per unit of risk. The NATIONAL FUEL GAS is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 9,444 in NATIONAL FUEL GAS on August 28, 2024 and sell it today you would earn a total of 299.00 from holding NATIONAL FUEL GAS or generate 3.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 68.93% |
| Values | Daily Returns |
Grayscale Bitcoin Mini vs. NATIONAL FUEL GAS
Performance |
| Timeline |
| Grayscale Bitcoin Mini |
| NATIONAL FUEL GAS |
Grayscale Bitcoin and NATIONAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grayscale Bitcoin and NATIONAL
The main advantage of trading using opposite Grayscale Bitcoin and NATIONAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grayscale Bitcoin position performs unexpectedly, NATIONAL 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 NATIONAL will offset losses from the drop in NATIONAL'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 |
| NATIONAL vs. Juniata Valley Financial | NATIONAL vs. PennantPark Floating Rate | NATIONAL vs. Boyd Gaming | NATIONAL vs. Barings BDC |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |