Correlation Between HIVE Blockchain and EXELON
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By analyzing existing cross correlation between HIVE Blockchain Technologies and EXELON P 51, you can compare the effects of market volatilities on HIVE Blockchain and EXELON 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 HIVE Blockchain with a short position of EXELON. Check out your portfolio center. Please also check ongoing floating volatility patterns of HIVE Blockchain and EXELON.
Diversification Opportunities for HIVE Blockchain and EXELON
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HIVE and EXELON is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding HIVE Blockchain Technologies and EXELON P 51 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXELON P 51 and HIVE Blockchain 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 HIVE Blockchain Technologies are associated (or correlated) with EXELON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXELON P 51 has no effect on the direction of HIVE Blockchain i.e., HIVE Blockchain and EXELON go up and down completely randomly.
Pair Corralation between HIVE Blockchain and EXELON
Given the investment horizon of 90 days HIVE Blockchain Technologies is expected to generate 4.68 times more return on investment than EXELON. However, HIVE Blockchain is 4.68 times more volatile than EXELON P 51. It trades about 0.09 of its potential returns per unit of risk. EXELON P 51 is currently generating about 0.01 per unit of risk. If you would invest 258.00 in HIVE Blockchain Technologies on August 30, 2024 and sell it today you would earn a total of 146.00 from holding HIVE Blockchain Technologies or generate 56.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 77.78% |
| Values | Daily Returns |
HIVE Blockchain Technologies vs. EXELON P 51
Performance |
| Timeline |
| HIVE Blockchain Tech |
| EXELON P 51 |
HIVE Blockchain and EXELON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HIVE Blockchain and EXELON
The main advantage of trading using opposite HIVE Blockchain and EXELON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HIVE Blockchain position performs unexpectedly, EXELON 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 EXELON will offset losses from the drop in EXELON's long position.| HIVE Blockchain vs. Bitfarms | HIVE Blockchain vs. CleanSpark | HIVE Blockchain vs. Marathon Digital Holdings | HIVE Blockchain vs. Riot Blockchain |
| EXELON vs. AEP TEX INC | EXELON vs. US BANK NATIONAL | EXELON vs. Applied Blockchain | EXELON vs. Neutra Corp |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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