Correlation Between HAN GINS and 21Shares Bitcoin
Can any of the company-specific risk be diversified away by investing in both HAN GINS and 21Shares Bitcoin 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 HAN GINS and 21Shares Bitcoin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HAN GINS Tech Megatrend and 21Shares Bitcoin Suisse, you can compare the effects of market volatilities on HAN GINS and 21Shares Bitcoin 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 HAN GINS with a short position of 21Shares Bitcoin. Check out your portfolio center. Please also check ongoing floating volatility patterns of HAN GINS and 21Shares Bitcoin.
Diversification Opportunities for HAN GINS and 21Shares Bitcoin
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HAN and 21Shares is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HAN GINS Tech Megatrend and 21Shares Bitcoin Suisse in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 21Shares Bitcoin Suisse and HAN GINS 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 HAN GINS Tech Megatrend are associated (or correlated) with 21Shares Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 21Shares Bitcoin Suisse has no effect on the direction of HAN GINS i.e., HAN GINS and 21Shares Bitcoin go up and down completely randomly.
Pair Corralation between HAN GINS and 21Shares Bitcoin
If you would invest 3,394 in 21Shares Bitcoin Suisse on November 4, 2024 and sell it today you would earn a total of 165.00 from holding 21Shares Bitcoin Suisse or generate 4.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
HAN GINS Tech Megatrend vs. 21Shares Bitcoin Suisse
Performance |
| Timeline |
| HAN GINS Tech |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| 21Shares Bitcoin Suisse |
HAN GINS and 21Shares Bitcoin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HAN GINS and 21Shares Bitcoin
The main advantage of trading using opposite HAN GINS and 21Shares Bitcoin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HAN GINS position performs unexpectedly, 21Shares Bitcoin 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 21Shares Bitcoin will offset losses from the drop in 21Shares Bitcoin's long position.| HAN GINS vs. HAN GINS Indxx Healthcare | HAN GINS vs. Vanguard FTSE Emerging | HAN GINS vs. UBS ETF MSCI | HAN GINS vs. VanEck Solana ETN |
| 21Shares Bitcoin vs. 21Shares Polygon ETP | 21Shares Bitcoin vs. 21Shares Ethereum Core | 21Shares Bitcoin vs. 21Shares Tezos staking | 21Shares Bitcoin vs. 21Shares Bitcoin ETP |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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