Correlation Between HIVE Blockchain and 2 Year
Can any of the company-specific risk be diversified away by investing in both HIVE Blockchain and 2 Year 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 HIVE Blockchain and 2 Year into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HIVE Blockchain Technologies and 2 Year T Note Futures, you can compare the effects of market volatilities on HIVE Blockchain and 2 Year 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 2 Year. Check out your portfolio center. Please also check ongoing floating volatility patterns of HIVE Blockchain and 2 Year.
Diversification Opportunities for HIVE Blockchain and 2 Year
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HIVE and ZTUSD is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding HIVE Blockchain Technologies and 2 Year T Note Futures in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 2 Year T 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 2 Year. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 2 Year T has no effect on the direction of HIVE Blockchain i.e., HIVE Blockchain and 2 Year go up and down completely randomly.
Pair Corralation between HIVE Blockchain and 2 Year
Given the investment horizon of 90 days HIVE Blockchain Technologies is expected to generate 44.68 times more return on investment than 2 Year. However, HIVE Blockchain is 44.68 times more volatile than 2 Year T Note Futures. It trades about 0.04 of its potential returns per unit of risk. 2 Year T Note Futures is currently generating about 0.03 per unit of risk. If you would invest 340.00 in HIVE Blockchain Technologies on September 1, 2024 and sell it today you would earn a total of 68.00 from holding HIVE Blockchain Technologies or generate 20.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 96.91% |
| Values | Daily Returns |
HIVE Blockchain Technologies vs. 2 Year T Note Futures
Performance |
| Timeline |
| HIVE Blockchain Tech |
| 2 Year T |
HIVE Blockchain and 2 Year Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HIVE Blockchain and 2 Year
The main advantage of trading using opposite HIVE Blockchain and 2 Year positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HIVE Blockchain position performs unexpectedly, 2 Year 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 2 Year will offset losses from the drop in 2 Year's long position.| HIVE Blockchain vs. Bitfarms | HIVE Blockchain vs. CleanSpark | HIVE Blockchain vs. Marathon Digital Holdings | HIVE Blockchain vs. Riot Blockchain |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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