Correlation Between Mawson Infrastructure and Creek Road
Can any of the company-specific risk be diversified away by investing in both Mawson Infrastructure and Creek Road 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 Creek Road 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 Creek Road Miners, you can compare the effects of market volatilities on Mawson Infrastructure and Creek Road 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 Creek Road. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mawson Infrastructure and Creek Road.
Diversification Opportunities for Mawson Infrastructure and Creek Road
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Mawson and Creek is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Mawson Infrastructure Group and Creek Road Miners in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Creek Road Miners 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 Creek Road. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Creek Road Miners has no effect on the direction of Mawson Infrastructure i.e., Mawson Infrastructure and Creek Road go up and down completely randomly.
Pair Corralation between Mawson Infrastructure and Creek Road
If you would invest 23.00 in Creek Road Miners on November 5, 2024 and sell it today you would earn a total of 0.00 from holding Creek Road Miners or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
Mawson Infrastructure Group vs. Creek Road Miners
Performance |
| Timeline |
| Mawson Infrastructure |
| Creek Road Miners |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Mawson Infrastructure and Creek Road Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mawson Infrastructure and Creek Road
The main advantage of trading using opposite Mawson Infrastructure and Creek Road positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mawson Infrastructure position performs unexpectedly, Creek Road 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 Creek Road will offset losses from the drop in Creek Road's long position.| Mawson Infrastructure vs. Terawulf | Mawson Infrastructure vs. Iris Energy | Mawson Infrastructure vs. Stronghold Digital Mining | Mawson Infrastructure vs. Argo Blockchain PLC |
| Creek Road vs. Cryomass Technologies | Creek Road vs. Global Helium Corp | Creek Road vs. Optimi Health Corp | Creek Road vs. Draganfly |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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