Correlation Between Cipher Mining and Nuveen Select
Can any of the company-specific risk be diversified away by investing in both Cipher Mining and Nuveen Select 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 Cipher Mining and Nuveen Select into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cipher Mining and Nuveen Select Tax Free, you can compare the effects of market volatilities on Cipher Mining and Nuveen Select 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 Cipher Mining with a short position of Nuveen Select. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cipher Mining and Nuveen Select.
Diversification Opportunities for Cipher Mining and Nuveen Select
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cipher and Nuveen is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Cipher Mining and Nuveen Select Tax Free in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Select Tax and Cipher 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 Cipher Mining are associated (or correlated) with Nuveen Select. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Select Tax has no effect on the direction of Cipher Mining i.e., Cipher Mining and Nuveen Select go up and down completely randomly.
Pair Corralation between Cipher Mining and Nuveen Select
Given the investment horizon of 90 days Cipher Mining is expected to generate 28.24 times more return on investment than Nuveen Select. However, Cipher Mining is 28.24 times more volatile than Nuveen Select Tax Free. It trades about 0.14 of its potential returns per unit of risk. Nuveen Select Tax Free is currently generating about 0.01 per unit of risk. If you would invest 483.00 in Cipher Mining on November 3, 2024 and sell it today you would earn a total of 90.00 from holding Cipher Mining or generate 18.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cipher Mining vs. Nuveen Select Tax Free
Performance |
| Timeline |
| Cipher Mining |
| Nuveen Select Tax |
Cipher Mining and Nuveen Select Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cipher Mining and Nuveen Select
The main advantage of trading using opposite Cipher Mining and Nuveen Select positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cipher Mining position performs unexpectedly, Nuveen Select 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 Nuveen Select will offset losses from the drop in Nuveen Select's long position.| Cipher Mining vs. Iris Energy | Cipher Mining vs. CleanSpark | Cipher Mining vs. Stronghold Digital Mining | Cipher Mining vs. Bitfarms |
| Nuveen Select vs. Nuveen Dividend Advantage | Nuveen Select vs. Nuveen Amt Free Municipal | Nuveen Select vs. Nuveen Municipal Credit | Nuveen Select vs. Nuveen Amt Free |
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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