Correlation Between Maverick Protocol and BITM
Can any of the company-specific risk be diversified away by investing in both Maverick Protocol 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 Maverick Protocol and BITM into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Maverick Protocol and BITM, you can compare the effects of market volatilities on Maverick Protocol 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 Maverick Protocol with a short position of BITM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maverick Protocol and BITM.
Diversification Opportunities for Maverick Protocol and BITM
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Maverick and BITM is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Maverick Protocol and BITM in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BITM and Maverick Protocol 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 Maverick Protocol 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 Maverick Protocol i.e., Maverick Protocol and BITM go up and down completely randomly.
Pair Corralation between Maverick Protocol and BITM
If you would invest 14.00 in Maverick Protocol on September 4, 2024 and sell it today you would earn a total of 16.00 from holding Maverick Protocol or generate 114.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Maverick Protocol vs. BITM
Performance |
| Timeline |
| Maverick Protocol |
| BITM |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Maverick Protocol and BITM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maverick Protocol and BITM
The main advantage of trading using opposite Maverick Protocol and BITM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maverick Protocol 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.| Maverick Protocol vs. XRP | Maverick Protocol vs. Solana | Maverick Protocol vs. Staked Ether | Maverick Protocol vs. Toncoin |
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 Stocks Directory module to find actively traded stocks across global markets.
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