Correlation Between SAITECH Global and CleanSpark
Can any of the company-specific risk be diversified away by investing in both SAITECH Global and CleanSpark 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 SAITECH Global and CleanSpark into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SAITECH Global and CleanSpark, you can compare the effects of market volatilities on SAITECH Global and CleanSpark 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 SAITECH Global with a short position of CleanSpark. Check out your portfolio center. Please also check ongoing floating volatility patterns of SAITECH Global and CleanSpark.
Diversification Opportunities for SAITECH Global and CleanSpark
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SAITECH and CleanSpark is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding SAITECH Global and CleanSpark in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CleanSpark and SAITECH Global 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 SAITECH Global are associated (or correlated) with CleanSpark. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CleanSpark has no effect on the direction of SAITECH Global i.e., SAITECH Global and CleanSpark go up and down completely randomly.
Pair Corralation between SAITECH Global and CleanSpark
If you would invest 1,163 in CleanSpark on August 24, 2024 and sell it today you would earn a total of 134.00 from holding CleanSpark or generate 11.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.35% |
| Values | Daily Returns |
SAITECH Global vs. CleanSpark
Performance |
| Timeline |
| SAITECH Global |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CleanSpark |
SAITECH Global and CleanSpark Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SAITECH Global and CleanSpark
The main advantage of trading using opposite SAITECH Global and CleanSpark positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SAITECH Global position performs unexpectedly, CleanSpark 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 CleanSpark will offset losses from the drop in CleanSpark's long position.| SAITECH Global vs. Zhong Yang Financial | SAITECH Global vs. Netcapital | SAITECH Global vs. Magic Empire Global | SAITECH Global vs. Applied Blockchain |
| CleanSpark vs. Hut 8 Corp | CleanSpark vs. HIVE Blockchain Technologies | CleanSpark vs. Bit Digital | CleanSpark vs. Terawulf |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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