Correlation Between DigiMax Global and IMining Blockchain
Can any of the company-specific risk be diversified away by investing in both DigiMax Global and IMining Blockchain 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 DigiMax Global and IMining Blockchain into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between DigiMax Global and iMining Blockchain and, you can compare the effects of market volatilities on DigiMax Global and IMining Blockchain 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 DigiMax Global with a short position of IMining Blockchain. Check out your portfolio center. Please also check ongoing floating volatility patterns of DigiMax Global and IMining Blockchain.
Diversification Opportunities for DigiMax Global and IMining Blockchain
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between DigiMax and IMining is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding DigiMax Global and iMining Blockchain and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iMining Blockchain and and DigiMax Global 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 DigiMax Global are associated (or correlated) with IMining Blockchain. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iMining Blockchain and has no effect on the direction of DigiMax Global i.e., DigiMax Global and IMining Blockchain go up and down completely randomly.
Pair Corralation between DigiMax Global and IMining Blockchain
Assuming the 90 days horizon DigiMax Global is expected to generate 8.84 times more return on investment than IMining Blockchain. However, DigiMax Global is 8.84 times more volatile than iMining Blockchain and. It trades about 0.12 of its potential returns per unit of risk. iMining Blockchain and is currently generating about -0.01 per unit of risk. If you would invest 1.50 in DigiMax Global on August 30, 2024 and sell it today you would lose (0.49) from holding DigiMax Global or give up 32.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
DigiMax Global vs. iMining Blockchain and
Performance |
| Timeline |
| DigiMax Global |
| iMining Blockchain and |
DigiMax Global and IMining Blockchain Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DigiMax Global and IMining Blockchain
The main advantage of trading using opposite DigiMax Global and IMining Blockchain positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DigiMax Global position performs unexpectedly, IMining Blockchain 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 IMining Blockchain will offset losses from the drop in IMining Blockchain's long position.| DigiMax Global vs. SPENN Technology AS | DigiMax Global vs. OFX Group Ltd | DigiMax Global vs. Cypherpunk Holdings | DigiMax Global vs. Cathedra Bitcoin |
| IMining Blockchain vs. SPENN Technology AS | IMining Blockchain vs. OFX Group Ltd | IMining Blockchain vs. Cypherpunk Holdings | IMining Blockchain vs. Cathedra Bitcoin |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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