Correlation Between SAI Old and Marathon Digital
Can any of the company-specific risk be diversified away by investing in both SAI Old and Marathon Digital 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 SAI Old and Marathon Digital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SAI Old and Marathon Digital Holdings, you can compare the effects of market volatilities on SAI Old and Marathon Digital 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 SAI Old with a short position of Marathon Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of SAI Old and Marathon Digital.
Diversification Opportunities for SAI Old and Marathon Digital
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SAI and Marathon is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding SAI Old and Marathon Digital Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marathon Digital Holdings and SAI Old 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 SAI Old are associated (or correlated) with Marathon Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marathon Digital Holdings has no effect on the direction of SAI Old i.e., SAI Old and Marathon Digital go up and down completely randomly.
Pair Corralation between SAI Old and Marathon Digital
If you would invest 2,015 in Marathon Digital Holdings on October 25, 2024 and sell it today you would lose (21.00) from holding Marathon Digital Holdings or give up 1.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
SAI Old vs. Marathon Digital Holdings
Performance |
| Timeline |
| SAI Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Marathon Digital Holdings |
SAI Old and Marathon Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SAI Old and Marathon Digital
The main advantage of trading using opposite SAI Old and Marathon Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SAI Old position performs unexpectedly, Marathon Digital 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 Marathon Digital will offset losses from the drop in Marathon Digital's long position.| SAI Old vs. Zhong Yang Financial | SAI Old vs. Netcapital | SAI Old vs. Magic Empire Global | SAI Old vs. Applied Digital |
| Marathon Digital vs. Hut 8 Corp | Marathon Digital vs. CleanSpark | Marathon Digital vs. Bit Digital | Marathon Digital vs. Bitfarms |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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