Correlation Between Creek Road and Mawson Infrastructure
Can any of the company-specific risk be diversified away by investing in both Creek Road and Mawson Infrastructure 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 Creek Road and Mawson Infrastructure into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Creek Road Miners and Mawson Infrastructure Group, you can compare the effects of market volatilities on Creek Road and Mawson Infrastructure 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 Creek Road with a short position of Mawson Infrastructure. Check out your portfolio center. Please also check ongoing floating volatility patterns of Creek Road and Mawson Infrastructure.
Diversification Opportunities for Creek Road and Mawson Infrastructure
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Creek and Mawson is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Creek Road Miners and Mawson Infrastructure Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mawson Infrastructure and Creek Road 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 Creek Road Miners are associated (or correlated) with Mawson Infrastructure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mawson Infrastructure has no effect on the direction of Creek Road i.e., Creek Road and Mawson Infrastructure go up and down completely randomly.
Pair Corralation between Creek Road and Mawson Infrastructure
If you would invest 23.00 in Creek Road Miners on November 5, 2024 and sell it today you would earn a total of 0.00 from holding Creek Road Miners or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
Creek Road Miners vs. Mawson Infrastructure Group
Performance |
| Timeline |
| Creek Road Miners |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Mawson Infrastructure |
Creek Road and Mawson Infrastructure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Creek Road and Mawson Infrastructure
The main advantage of trading using opposite Creek Road and Mawson Infrastructure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Creek Road position performs unexpectedly, Mawson Infrastructure 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 Mawson Infrastructure will offset losses from the drop in Mawson Infrastructure's long position.| Creek Road vs. Cryomass Technologies | Creek Road vs. Global Helium Corp | Creek Road vs. Optimi Health Corp | Creek Road vs. Draganfly |
| Mawson Infrastructure vs. Terawulf | Mawson Infrastructure vs. Iris Energy | Mawson Infrastructure vs. Stronghold Digital Mining | Mawson Infrastructure vs. Argo Blockchain PLC |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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