Correlation Between BIT Mining and Mifflinburg Bancorp
Can any of the company-specific risk be diversified away by investing in both BIT Mining and Mifflinburg Bancorp 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 Mifflinburg Bancorp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BIT Mining and Mifflinburg Bancorp, you can compare the effects of market volatilities on BIT Mining and Mifflinburg Bancorp 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 Mifflinburg Bancorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIT Mining and Mifflinburg Bancorp.
Diversification Opportunities for BIT Mining and Mifflinburg Bancorp
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BIT and Mifflinburg is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding BIT Mining and Mifflinburg Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mifflinburg Bancorp 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 Mifflinburg Bancorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mifflinburg Bancorp has no effect on the direction of BIT Mining i.e., BIT Mining and Mifflinburg Bancorp go up and down completely randomly.
Pair Corralation between BIT Mining and Mifflinburg Bancorp
Given the investment horizon of 90 days BIT Mining is expected to under-perform the Mifflinburg Bancorp. In addition to that, BIT Mining is 3.36 times more volatile than Mifflinburg Bancorp. It trades about -0.06 of its total potential returns per unit of risk. Mifflinburg Bancorp is currently generating about 0.06 per unit of volatility. If you would invest 2,275 in Mifflinburg Bancorp on November 25, 2024 and sell it today you would earn a total of 112.00 from holding Mifflinburg Bancorp or generate 4.92% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 96.67% |
Values | Daily Returns |
BIT Mining vs. Mifflinburg Bancorp
Performance |
Timeline |
BIT Mining |
Mifflinburg Bancorp |
BIT Mining and Mifflinburg Bancorp Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with BIT Mining and Mifflinburg Bancorp
The main advantage of trading using opposite BIT Mining and Mifflinburg Bancorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIT Mining position performs unexpectedly, Mifflinburg Bancorp 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 Mifflinburg Bancorp will offset losses from the drop in Mifflinburg Bancorp's long position.BIT Mining vs. VNET Group DRC | ||
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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