Correlation Between Uniswap Protocol and Hivemapper

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Uniswap Protocol and Hivemapper 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 Uniswap Protocol and Hivemapper into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Uniswap Protocol Token and Hivemapper, you can compare the effects of market volatilities on Uniswap Protocol and Hivemapper 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 Uniswap Protocol with a short position of Hivemapper. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uniswap Protocol and Hivemapper.

Diversification Opportunities for Uniswap Protocol and Hivemapper

0.72
  Correlation Coefficient

Poor diversification

The 3 months correlation between Uniswap and Hivemapper is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Uniswap Protocol Token and Hivemapper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hivemapper and Uniswap Protocol 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 Uniswap Protocol Token are associated (or correlated) with Hivemapper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hivemapper has no effect on the direction of Uniswap Protocol i.e., Uniswap Protocol and Hivemapper go up and down completely randomly.

Pair Corralation between Uniswap Protocol and Hivemapper

Assuming the 90 days trading horizon Uniswap Protocol Token is expected to generate 1.05 times more return on investment than Hivemapper. However, Uniswap Protocol is 1.05 times more volatile than Hivemapper. It trades about -0.26 of its potential returns per unit of risk. Hivemapper is currently generating about -0.41 per unit of risk. If you would invest  1,311  in Uniswap Protocol Token on November 8, 2024 and sell it today you would lose (409.00) from holding Uniswap Protocol Token or give up 31.2% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Uniswap Protocol Token  vs.  Hivemapper

 Performance 
       Timeline  
Uniswap Protocol Token 

Risk-Adjusted Performance

2 of 100

 
Weak
 
Strong
Weak
Compared to the overall equity markets, risk-adjusted returns on investments in Uniswap Protocol Token are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of rather weak forward indicators, Uniswap Protocol exhibited solid returns over the last few months and may actually be approaching a breakup point.
Hivemapper 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Hivemapper has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest unsteady performance, the Crypto's fundamental indicators remain sound and the latest tumult on Wall Street may also be a sign of longer-term gains for Hivemapper shareholders.

Uniswap Protocol and Hivemapper Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Uniswap Protocol and Hivemapper

The main advantage of trading using opposite Uniswap Protocol and Hivemapper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uniswap Protocol position performs unexpectedly, Hivemapper 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 Hivemapper will offset losses from the drop in Hivemapper's long position.
The idea behind Uniswap Protocol Token and Hivemapper pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..

Other Complementary Tools

Commodity Directory
Find actively traded commodities issued by global exchanges
Idea Analyzer
Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas
Portfolio Manager
State of the art Portfolio Manager to monitor and improve performance of your invested capital
Top Crypto Exchanges
Search and analyze digital assets across top global cryptocurrency exchanges
Piotroski F Score
Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals