Correlation Between BIT Mining and Creek Road
Can any of the company-specific risk be diversified away by investing in both BIT Mining and Creek Road at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining BIT Mining and Creek Road into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BIT Mining and Creek Road Miners, you can compare the effects of market volatilities on BIT Mining and Creek Road 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 BIT Mining with a short position of Creek Road. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIT Mining and Creek Road.
Diversification Opportunities for BIT Mining and Creek Road
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BIT and Creek is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding BIT Mining and Creek Road Miners in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Creek Road Miners and BIT Mining 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 BIT Mining are associated (or correlated) with Creek Road. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Creek Road Miners has no effect on the direction of BIT Mining i.e., BIT Mining and Creek Road go up and down completely randomly.
Pair Corralation between BIT Mining and Creek Road
If you would invest 23.00 in Creek Road Miners on October 26, 2024 and sell it today you would earn a total of 0.00 from holding Creek Road Miners or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.56% |
| Values | Daily Returns |
BIT Mining vs. Creek Road Miners
Performance |
| Timeline |
| BIT Mining |
| Creek Road Miners |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
BIT Mining and Creek Road Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BIT Mining and Creek Road
The main advantage of trading using opposite BIT Mining and Creek Road positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIT Mining position performs unexpectedly, Creek Road 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 Creek Road will offset losses from the drop in Creek Road's long position.| BIT Mining vs. VNET Group DRC | BIT Mining vs. GDS Holdings | BIT Mining vs. CLARIVATE PLC | BIT Mining vs. CACI International |
| Creek Road vs. Cryomass Technologies | Creek Road vs. Global Helium Corp | Creek Road vs. Optimi Health Corp | Creek Road vs. Draganfly |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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