Correlation Between Global Mofy and BIT Mining
Can any of the company-specific risk be diversified away by investing in both Global Mofy and BIT Mining 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 Global Mofy and BIT Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Global Mofy Metaverse and BIT Mining, you can compare the effects of market volatilities on Global Mofy and BIT Mining 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 Global Mofy with a short position of BIT Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Mofy and BIT Mining.
Diversification Opportunities for Global Mofy and BIT Mining
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Global and BIT is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Global Mofy Metaverse and BIT Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BIT Mining and Global Mofy 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 Global Mofy Metaverse are associated (or correlated) with BIT Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BIT Mining has no effect on the direction of Global Mofy i.e., Global Mofy and BIT Mining go up and down completely randomly.
Pair Corralation between Global Mofy and BIT Mining
Considering the 90-day investment horizon Global Mofy Metaverse is expected to generate 2.61 times more return on investment than BIT Mining. However, Global Mofy is 2.61 times more volatile than BIT Mining. It trades about 0.14 of its potential returns per unit of risk. BIT Mining is currently generating about -0.36 per unit of risk. If you would invest 387.00 in Global Mofy Metaverse on November 18, 2024 and sell it today you would earn a total of 62.00 from holding Global Mofy Metaverse or generate 16.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Global Mofy Metaverse vs. BIT Mining
Performance |
| Timeline |
| Global Mofy Metaverse |
| BIT Mining |
Global Mofy and BIT Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Global Mofy and BIT Mining
The main advantage of trading using opposite Global Mofy and BIT Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Mofy position performs unexpectedly, BIT Mining 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 BIT Mining will offset losses from the drop in BIT Mining's long position.| Global Mofy vs. Olo Inc | Global Mofy vs. Jamf Holding | Global Mofy vs. FT Vest Equity | Global Mofy vs. Zillow Group Class |
| BIT Mining vs. VNET Group DRC | BIT Mining vs. GDS Holdings | BIT Mining vs. CLARIVATE PLC | BIT Mining vs. CACI International |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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