Correlation Between Greenhill and CleanSpark
Can any of the company-specific risk be diversified away by investing in both Greenhill and CleanSpark 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 Greenhill and CleanSpark into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Greenhill Co and CleanSpark, you can compare the effects of market volatilities on Greenhill and CleanSpark 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 Greenhill with a short position of CleanSpark. Check out your portfolio center. Please also check ongoing floating volatility patterns of Greenhill and CleanSpark.
Diversification Opportunities for Greenhill and CleanSpark
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Greenhill and CleanSpark is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Greenhill Co and CleanSpark in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CleanSpark and Greenhill 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 Greenhill Co are associated (or correlated) with CleanSpark. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CleanSpark has no effect on the direction of Greenhill i.e., Greenhill and CleanSpark go up and down completely randomly.
Pair Corralation between Greenhill and CleanSpark
If you would invest 1,163 in CleanSpark on August 24, 2024 and sell it today you would earn a total of 134.00 from holding CleanSpark or generate 11.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Greenhill Co vs. CleanSpark
Performance |
| Timeline |
| Greenhill |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CleanSpark |
Greenhill and CleanSpark Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Greenhill and CleanSpark
The main advantage of trading using opposite Greenhill and CleanSpark positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Greenhill position performs unexpectedly, CleanSpark 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 CleanSpark will offset losses from the drop in CleanSpark's long position.| Greenhill vs. Magic Empire Global | Greenhill vs. Applied Blockchain | Greenhill vs. Zhong Yang Financial | Greenhill vs. Netcapital |
| CleanSpark vs. Hut 8 Corp | CleanSpark vs. HIVE Blockchain Technologies | CleanSpark vs. Bit Digital | CleanSpark vs. Terawulf |
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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