Correlation Between MINT Income and Hut 8
Can any of the company-specific risk be diversified away by investing in both MINT Income and Hut 8 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 MINT Income and Hut 8 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MINT Income Fund and Hut 8 Mining, you can compare the effects of market volatilities on MINT Income and Hut 8 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 MINT Income with a short position of Hut 8. Check out your portfolio center. Please also check ongoing floating volatility patterns of MINT Income and Hut 8.
Diversification Opportunities for MINT Income and Hut 8
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between MINT and Hut is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding MINT Income Fund and Hut 8 Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hut 8 Mining and MINT Income 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 MINT Income Fund are associated (or correlated) with Hut 8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hut 8 Mining has no effect on the direction of MINT Income i.e., MINT Income and Hut 8 go up and down completely randomly.
Pair Corralation between MINT Income and Hut 8
Assuming the 90 days trading horizon MINT Income is expected to generate 18.63 times less return on investment than Hut 8. But when comparing it to its historical volatility, MINT Income Fund is 10.4 times less risky than Hut 8. It trades about 0.1 of its potential returns per unit of risk. Hut 8 Mining is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 3,111 in Hut 8 Mining on October 24, 2024 and sell it today you would earn a total of 632.00 from holding Hut 8 Mining or generate 20.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MINT Income Fund vs. Hut 8 Mining
Performance |
| Timeline |
| MINT Income Fund |
| Hut 8 Mining |
MINT Income and Hut 8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MINT Income and Hut 8
The main advantage of trading using opposite MINT Income and Hut 8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MINT Income position performs unexpectedly, Hut 8 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 Hut 8 will offset losses from the drop in Hut 8's long position.| MINT Income vs. Blue Ribbon Income | MINT Income vs. Income Financial Trust | MINT Income vs. Precious Metals And | MINT Income vs. Canadian High Income |
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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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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