Correlation Between CleanSpark and FlatexDEGIRO
Can any of the company-specific risk be diversified away by investing in both CleanSpark and FlatexDEGIRO 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 CleanSpark and FlatexDEGIRO into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CleanSpark and flatexDEGIRO AG, you can compare the effects of market volatilities on CleanSpark and FlatexDEGIRO 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 CleanSpark with a short position of FlatexDEGIRO. Check out your portfolio center. Please also check ongoing floating volatility patterns of CleanSpark and FlatexDEGIRO.
Diversification Opportunities for CleanSpark and FlatexDEGIRO
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between CleanSpark and FlatexDEGIRO is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding CleanSpark and flatexDEGIRO AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on flatexDEGIRO AG and CleanSpark 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 CleanSpark are associated (or correlated) with FlatexDEGIRO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of flatexDEGIRO AG has no effect on the direction of CleanSpark i.e., CleanSpark and FlatexDEGIRO go up and down completely randomly.
Pair Corralation between CleanSpark and FlatexDEGIRO
Given the investment horizon of 90 days CleanSpark is expected to generate 2.85 times more return on investment than FlatexDEGIRO. However, CleanSpark is 2.85 times more volatile than flatexDEGIRO AG. It trades about 0.08 of its potential returns per unit of risk. flatexDEGIRO AG is currently generating about 0.09 per unit of risk. If you would invest 459.00 in CleanSpark on September 15, 2024 and sell it today you would earn a total of 743.00 from holding CleanSpark or generate 161.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 70.26% |
| Values | Daily Returns |
CleanSpark vs. flatexDEGIRO AG
Performance |
| Timeline |
| CleanSpark |
| flatexDEGIRO AG |
CleanSpark and FlatexDEGIRO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CleanSpark and FlatexDEGIRO
The main advantage of trading using opposite CleanSpark and FlatexDEGIRO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CleanSpark position performs unexpectedly, FlatexDEGIRO 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 FlatexDEGIRO will offset losses from the drop in FlatexDEGIRO's long position.| CleanSpark vs. Hut 8 Corp | CleanSpark vs. HIVE Blockchain Technologies | CleanSpark vs. Bit Digital | CleanSpark vs. Terawulf |
| FlatexDEGIRO vs. Riot Blockchain | FlatexDEGIRO vs. Hut 8 Corp | FlatexDEGIRO vs. CleanSpark | FlatexDEGIRO vs. Bit Digital |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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