Correlation Between Hivemapper and BITM
Can any of the company-specific risk be diversified away by investing in both Hivemapper and BITM 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 Hivemapper and BITM into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hivemapper and BITM, you can compare the effects of market volatilities on Hivemapper and BITM 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 Hivemapper with a short position of BITM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hivemapper and BITM.
Diversification Opportunities for Hivemapper and BITM
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hivemapper and BITM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hivemapper and BITM in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BITM and Hivemapper 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 Hivemapper are associated (or correlated) with BITM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BITM has no effect on the direction of Hivemapper i.e., Hivemapper and BITM go up and down completely randomly.
Pair Corralation between Hivemapper and BITM
If you would invest (100.00) in BITM on November 23, 2024 and sell it today you would earn a total of 100.00 from holding BITM or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Hivemapper vs. BITM
Performance |
Timeline |
Hivemapper |
BITM |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Hivemapper and BITM Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hivemapper and BITM
The main advantage of trading using opposite Hivemapper and BITM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hivemapper position performs unexpectedly, BITM 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 BITM will offset losses from the drop in BITM's long position.Hivemapper vs. Staked Ether | ||
Hivemapper vs. Phala Network | ||
Hivemapper vs. EigenLayer | ||
Hivemapper vs. EOSDAC |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
CEOs Directory Screen CEOs from public companies around the world | |
Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
Stocks Directory Find actively traded stocks across global markets |