Correlation Between Mawson Infrastructure and Cal-Bay Intl
Can any of the company-specific risk be diversified away by investing in both Mawson Infrastructure and Cal-Bay Intl 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 Mawson Infrastructure and Cal-Bay Intl into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mawson Infrastructure Group and Cal Bay Intl, you can compare the effects of market volatilities on Mawson Infrastructure and Cal-Bay Intl 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 Mawson Infrastructure with a short position of Cal-Bay Intl. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mawson Infrastructure and Cal-Bay Intl.
Diversification Opportunities for Mawson Infrastructure and Cal-Bay Intl
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mawson and Cal-Bay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mawson Infrastructure Group and Cal Bay Intl in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cal Bay Intl and Mawson Infrastructure 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 Mawson Infrastructure Group are associated (or correlated) with Cal-Bay Intl. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cal Bay Intl has no effect on the direction of Mawson Infrastructure i.e., Mawson Infrastructure and Cal-Bay Intl go up and down completely randomly.
Pair Corralation between Mawson Infrastructure and Cal-Bay Intl
If you would invest 162.00 in Mawson Infrastructure Group on August 26, 2024 and sell it today you would earn a total of 17.00 from holding Mawson Infrastructure Group or generate 10.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mawson Infrastructure Group vs. Cal Bay Intl
Performance |
| Timeline |
| Mawson Infrastructure |
| Cal Bay Intl |
Mawson Infrastructure and Cal-Bay Intl Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mawson Infrastructure and Cal-Bay Intl
The main advantage of trading using opposite Mawson Infrastructure and Cal-Bay Intl positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mawson Infrastructure position performs unexpectedly, Cal-Bay Intl 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 Cal-Bay Intl will offset losses from the drop in Cal-Bay Intl's long position.| Mawson Infrastructure vs. Terawulf | Mawson Infrastructure vs. Iris Energy | Mawson Infrastructure vs. Stronghold Digital Mining | Mawson Infrastructure vs. Argo Blockchain PLC |
| Cal-Bay Intl vs. Halitron | Cal-Bay Intl vs. First BITCoin Capital | Cal-Bay Intl vs. Blackstar Enterprise Group | Cal-Bay Intl vs. Armada Mercantile |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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