Correlation Between Grayscale Bitcoin and NATIONAL
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By analyzing existing cross correlation between Grayscale Bitcoin Mini and NATIONAL RURAL UTILS, 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
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Grayscale and NATIONAL is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Grayscale Bitcoin Mini and NATIONAL RURAL UTILS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NATIONAL RURAL UTILS 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 RURAL UTILS 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 generate 3.18 times more return on investment than NATIONAL. However, Grayscale Bitcoin is 3.18 times more volatile than NATIONAL RURAL UTILS. It trades about 0.44 of its potential returns per unit of risk. NATIONAL RURAL UTILS is currently generating about 0.13 per unit of risk. If you would invest 3,030 in Grayscale Bitcoin Mini on August 25, 2024 and sell it today you would earn a total of 1,375 from holding Grayscale Bitcoin Mini or generate 45.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
Grayscale Bitcoin Mini vs. NATIONAL RURAL UTILS
Performance |
| Timeline |
| Grayscale Bitcoin Mini |
| NATIONAL RURAL UTILS |
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 |
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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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