Correlation Between Bit Origin and MamaMancinis Holdings
Can any of the company-specific risk be diversified away by investing in both Bit Origin and MamaMancinis Holdings 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 Origin and MamaMancinis Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bit Origin and MamaMancinis Holdings, you can compare the effects of market volatilities on Bit Origin and MamaMancinis Holdings 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 Origin with a short position of MamaMancinis Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bit Origin and MamaMancinis Holdings.
Diversification Opportunities for Bit Origin and MamaMancinis Holdings
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bit and MamaMancinis is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Bit Origin and MamaMancinis Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MamaMancinis Holdings and Bit Origin 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 Origin are associated (or correlated) with MamaMancinis Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MamaMancinis Holdings has no effect on the direction of Bit Origin i.e., Bit Origin and MamaMancinis Holdings go up and down completely randomly.
Pair Corralation between Bit Origin and MamaMancinis Holdings
Given the investment horizon of 90 days Bit Origin is expected to generate 13.55 times less return on investment than MamaMancinis Holdings. In addition to that, Bit Origin is 2.22 times more volatile than MamaMancinis Holdings. It trades about 0.0 of its total potential returns per unit of risk. MamaMancinis Holdings is currently generating about 0.15 per unit of volatility. If you would invest 199.00 in MamaMancinis Holdings on August 27, 2024 and sell it today you would earn a total of 170.00 from holding MamaMancinis Holdings or generate 85.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 25.71% |
| Values | Daily Returns |
Bit Origin vs. MamaMancinis Holdings
Performance |
| Timeline |
| Bit Origin |
| MamaMancinis Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bit Origin and MamaMancinis Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bit Origin and MamaMancinis Holdings
The main advantage of trading using opposite Bit Origin and MamaMancinis Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bit Origin position performs unexpectedly, MamaMancinis Holdings 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 MamaMancinis Holdings will offset losses from the drop in MamaMancinis Holdings' long position.| Bit Origin vs. Better Choice | Bit Origin vs. Farmmi Inc | Bit Origin vs. Laird Superfood | Bit Origin vs. Planet Green Holdings |
| MamaMancinis Holdings vs. Seneca Foods Corp | MamaMancinis Holdings vs. Central Garden Pet | MamaMancinis Holdings vs. Central Garden Pet | MamaMancinis Holdings vs. Natures Sunshine Products |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Stocks Directory Find actively traded stocks across global markets |