Correlation Between IShares Core and 21Shares Ethereum
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By analyzing existing cross correlation between iShares Core SP and 21Shares Ethereum Staking, you can compare the effects of market volatilities on IShares Core and 21Shares Ethereum 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 IShares Core with a short position of 21Shares Ethereum. Check out your portfolio center. Please also check ongoing floating volatility patterns of IShares Core and 21Shares Ethereum.
Diversification Opportunities for IShares Core and 21Shares Ethereum
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between IShares and 21Shares is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding iShares Core SP and 21Shares Ethereum Staking in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 21Shares Ethereum Staking and IShares Core 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 iShares Core SP are associated (or correlated) with 21Shares Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 21Shares Ethereum Staking has no effect on the direction of IShares Core i.e., IShares Core and 21Shares Ethereum go up and down completely randomly.
Pair Corralation between IShares Core and 21Shares Ethereum
Assuming the 90 days trading horizon iShares Core SP is expected to generate 0.21 times more return on investment than 21Shares Ethereum. However, iShares Core SP is 4.67 times less risky than 21Shares Ethereum. It trades about 0.15 of its potential returns per unit of risk. 21Shares Ethereum Staking is currently generating about 0.01 per unit of risk. If you would invest 63,320 in iShares Core SP on October 26, 2024 and sell it today you would earn a total of 1,410 from holding iShares Core SP or generate 2.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
iShares Core SP vs. 21Shares Ethereum Staking
Performance |
| Timeline |
| iShares Core SP |
| 21Shares Ethereum Staking |
IShares Core and 21Shares Ethereum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IShares Core and 21Shares Ethereum
The main advantage of trading using opposite IShares Core and 21Shares Ethereum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IShares Core position performs unexpectedly, 21Shares Ethereum 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 21Shares Ethereum will offset losses from the drop in 21Shares Ethereum's long position.| IShares Core vs. iShares Corp Bond | IShares Core vs. iShares Emerging Asia | IShares Core vs. iShares MSCI Global | IShares Core vs. iShares VII PLC |
| 21Shares Ethereum vs. 21Shares Polygon ETP | 21Shares Ethereum vs. 21Shares Ethereum Core | 21Shares Ethereum vs. 21Shares Tezos staking | 21Shares Ethereum vs. 21Shares Bitcoin ETP |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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