Correlation Between GRIN and Uquid Coin

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Can any of the company-specific risk be diversified away by investing in both GRIN and Uquid Coin 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 GRIN and Uquid Coin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GRIN and Uquid Coin, you can compare the effects of market volatilities on GRIN and Uquid Coin 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 GRIN with a short position of Uquid Coin. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIN and Uquid Coin.

Diversification Opportunities for GRIN and Uquid Coin

GRINUquidDiversified AwayGRINUquidDiversified Away100%
0.66
  Correlation Coefficient

Poor diversification

The 3 months correlation between GRIN and Uquid is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding GRIN and Uquid Coin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uquid Coin and GRIN 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 GRIN are associated (or correlated) with Uquid Coin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Uquid Coin has no effect on the direction of GRIN i.e., GRIN and Uquid Coin go up and down completely randomly.

Pair Corralation between GRIN and Uquid Coin

Assuming the 90 days trading horizon GRIN is expected to generate 0.98 times more return on investment than Uquid Coin. However, GRIN is 1.03 times less risky than Uquid Coin. It trades about -0.01 of its potential returns per unit of risk. Uquid Coin is currently generating about -0.08 per unit of risk. If you would invest  2.39  in GRIN on November 23, 2024 and sell it today you would lose (0.17) from holding GRIN or give up 7.11% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

GRIN  vs.  Uquid Coin

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -60-40-2002040
JavaScript chart by amCharts 3.21.15GRIN UQC
       Timeline  
GRIN 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days GRIN has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Crypto's fundamental indicators remain rather sound which may send shares a bit higher in March 2025. The latest tumult may also be a sign of longer-term up-swing for GRIN shareholders.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb0.020.0250.030.0350.040.045
Uquid Coin 

Risk-Adjusted Performance

Insignificant

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Uquid Coin are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. In spite of rather unsteady fundamental indicators, Uquid Coin exhibited solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb34567891011

GRIN and Uquid Coin Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-11.81-8.84-5.88-2.92-0.0472.775.598.4111.24 0.0010.0020.0030.0040.0050.0060.007
JavaScript chart by amCharts 3.21.15GRIN UQC
       Returns  

Pair Trading with GRIN and Uquid Coin

The main advantage of trading using opposite GRIN and Uquid Coin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIN position performs unexpectedly, Uquid Coin 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 Uquid Coin will offset losses from the drop in Uquid Coin's long position.
The idea behind GRIN and Uquid Coin pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.

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