Correlation Between Bit Origin and Sharing Services
Can any of the company-specific risk be diversified away by investing in both Bit Origin and Sharing Services 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 Sharing Services into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bit Origin and Sharing Services Global, you can compare the effects of market volatilities on Bit Origin and Sharing Services 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 Sharing Services. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bit Origin and Sharing Services.
Diversification Opportunities for Bit Origin and Sharing Services
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bit and Sharing is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Bit Origin and Sharing Services Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sharing Services Global 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 Sharing Services. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sharing Services Global has no effect on the direction of Bit Origin i.e., Bit Origin and Sharing Services go up and down completely randomly.
Pair Corralation between Bit Origin and Sharing Services
Given the investment horizon of 90 days Bit Origin is expected to under-perform the Sharing Services. But the stock apears to be less risky and, when comparing its historical volatility, Bit Origin is 1.5 times less risky than Sharing Services. The stock trades about -0.6 of its potential returns per unit of risk. The Sharing Services Global is currently generating about -0.2 of returns per unit of risk over similar time horizon. If you would invest 234.00 in Sharing Services Global on December 2, 2024 and sell it today you would lose (119.00) from holding Sharing Services Global or give up 50.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bit Origin vs. Sharing Services Global
Performance |
| Timeline |
| Bit Origin |
| Sharing Services Global |
Bit Origin and Sharing Services Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bit Origin and Sharing Services
The main advantage of trading using opposite Bit Origin and Sharing Services positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bit Origin position performs unexpectedly, Sharing Services 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 Sharing Services will offset losses from the drop in Sharing Services' long position.| Bit Origin vs. Better Choice | ||
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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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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