Correlation Between Marathon Digital and SAITECH Global
Can any of the company-specific risk be diversified away by investing in both Marathon Digital and SAITECH Global 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 Marathon Digital and SAITECH Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Marathon Digital Holdings and SAITECH Global, you can compare the effects of market volatilities on Marathon Digital and SAITECH Global 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 Marathon Digital with a short position of SAITECH Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marathon Digital and SAITECH Global.
Diversification Opportunities for Marathon Digital and SAITECH Global
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Marathon and SAITECH is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Marathon Digital Holdings and SAITECH Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SAITECH Global and Marathon Digital 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 Marathon Digital Holdings are associated (or correlated) with SAITECH Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SAITECH Global has no effect on the direction of Marathon Digital i.e., Marathon Digital and SAITECH Global go up and down completely randomly.
Pair Corralation between Marathon Digital and SAITECH Global
If you would invest 1,894 in Marathon Digital Holdings on August 28, 2024 and sell it today you would earn a total of 748.00 from holding Marathon Digital Holdings or generate 39.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Marathon Digital Holdings vs. SAITECH Global
Performance |
| Timeline |
| Marathon Digital Holdings |
| SAITECH Global |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Marathon Digital and SAITECH Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marathon Digital and SAITECH Global
The main advantage of trading using opposite Marathon Digital and SAITECH Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marathon Digital position performs unexpectedly, SAITECH Global 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 SAITECH Global will offset losses from the drop in SAITECH Global's long position.| Marathon Digital vs. Hut 8 Corp | Marathon Digital vs. CleanSpark | Marathon Digital vs. Bit Digital | Marathon Digital vs. Bitfarms |
| SAITECH Global vs. Zhong Yang Financial | SAITECH Global vs. Netcapital | SAITECH Global vs. Magic Empire Global | SAITECH Global vs. Applied 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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