Correlation Between Golden Matrix and Blue Hat
Can any of the company-specific risk be diversified away by investing in both Golden Matrix and Blue Hat 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 Golden Matrix and Blue Hat into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Golden Matrix Group and Blue Hat Interactive, you can compare the effects of market volatilities on Golden Matrix and Blue Hat 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 Golden Matrix with a short position of Blue Hat. Check out your portfolio center. Please also check ongoing floating volatility patterns of Golden Matrix and Blue Hat.
Diversification Opportunities for Golden Matrix and Blue Hat
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Golden and Blue is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Golden Matrix Group and Blue Hat Interactive in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Hat Interactive and Golden Matrix 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 Golden Matrix Group are associated (or correlated) with Blue Hat. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Hat Interactive has no effect on the direction of Golden Matrix i.e., Golden Matrix and Blue Hat go up and down completely randomly.
Pair Corralation between Golden Matrix and Blue Hat
Given the investment horizon of 90 days Golden Matrix Group is expected to generate 1.25 times more return on investment than Blue Hat. However, Golden Matrix is 1.25 times more volatile than Blue Hat Interactive. It trades about 0.03 of its potential returns per unit of risk. Blue Hat Interactive is currently generating about -0.55 per unit of risk. If you would invest 237.00 in Golden Matrix Group on August 30, 2024 and sell it today you would lose (2.00) from holding Golden Matrix Group or give up 0.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Golden Matrix Group vs. Blue Hat Interactive
Performance |
| Timeline |
| Golden Matrix Group |
| Blue Hat Interactive |
Golden Matrix and Blue Hat Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Golden Matrix and Blue Hat
The main advantage of trading using opposite Golden Matrix and Blue Hat positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Golden Matrix position performs unexpectedly, Blue Hat 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 Blue Hat will offset losses from the drop in Blue Hat's long position.| Golden Matrix vs. SohuCom | Golden Matrix vs. Snail, Class A | Golden Matrix vs. Doubledown Interactive Co | Golden Matrix vs. i3 Interactive |
| Blue Hat vs. GD Culture Group | Blue Hat vs. Playstudios | Blue Hat vs. i3 Interactive | Blue Hat vs. IGG Inc |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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