Correlation Between BIT Mining and SPRINT
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By analyzing existing cross correlation between BIT Mining and SPRINT NEXTEL P, you can compare the effects of market volatilities on BIT Mining and SPRINT 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 SPRINT. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIT Mining and SPRINT.
Diversification Opportunities for BIT Mining and SPRINT
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BIT and SPRINT is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding BIT Mining and SPRINT NEXTEL P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPRINT NEXTEL P 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 SPRINT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPRINT NEXTEL P has no effect on the direction of BIT Mining i.e., BIT Mining and SPRINT go up and down completely randomly.
Pair Corralation between BIT Mining and SPRINT
Given the investment horizon of 90 days BIT Mining is expected to generate 14.58 times more return on investment than SPRINT. However, BIT Mining is 14.58 times more volatile than SPRINT NEXTEL P. It trades about 0.0 of its potential returns per unit of risk. SPRINT NEXTEL P is currently generating about -0.02 per unit of risk. If you would invest 389.00 in BIT Mining on November 9, 2024 and sell it today you would lose (142.00) from holding BIT Mining or give up 36.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 61.05% |
| Values | Daily Returns |
BIT Mining vs. SPRINT NEXTEL P
Performance |
| Timeline |
| BIT Mining |
| SPRINT NEXTEL P |
BIT Mining and SPRINT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BIT Mining and SPRINT
The main advantage of trading using opposite BIT Mining and SPRINT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIT Mining position performs unexpectedly, SPRINT 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 SPRINT will offset losses from the drop in SPRINT's long position.| BIT Mining vs. VNET Group DRC | BIT Mining vs. GDS Holdings | BIT Mining vs. CLARIVATE PLC | BIT Mining vs. CACI International |
| SPRINT vs. Yuexiu Transport Infrastructure | SPRINT vs. Sweetgreen | SPRINT vs. Catalyst Metals Limited | SPRINT vs. American Hotel Income |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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