Correlation Between WhiteBIT Token and Hashflow
Can any of the company-specific risk be diversified away by investing in both WhiteBIT Token and Hashflow 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 WhiteBIT Token and Hashflow into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between WhiteBIT Token and Hashflow, you can compare the effects of market volatilities on WhiteBIT Token and Hashflow 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 WhiteBIT Token with a short position of Hashflow. Check out your portfolio center. Please also check ongoing floating volatility patterns of WhiteBIT Token and Hashflow.
Diversification Opportunities for WhiteBIT Token and Hashflow
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between WhiteBIT and Hashflow is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding WhiteBIT Token and Hashflow in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hashflow and WhiteBIT Token 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 WhiteBIT Token are associated (or correlated) with Hashflow. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hashflow has no effect on the direction of WhiteBIT Token i.e., WhiteBIT Token and Hashflow go up and down completely randomly.
Pair Corralation between WhiteBIT Token and Hashflow
Assuming the 90 days trading horizon WhiteBIT Token is expected to generate 0.51 times more return on investment than Hashflow. However, WhiteBIT Token is 1.98 times less risky than Hashflow. It trades about 0.23 of its potential returns per unit of risk. Hashflow is currently generating about -0.04 per unit of risk. If you would invest 995.00 in WhiteBIT Token on August 27, 2024 and sell it today you would earn a total of 1,468 from holding WhiteBIT Token or generate 147.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 52.94% |
| Values | Daily Returns |
WhiteBIT Token vs. Hashflow
Performance |
| Timeline |
| WhiteBIT Token |
| Hashflow |
WhiteBIT Token and Hashflow Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WhiteBIT Token and Hashflow
The main advantage of trading using opposite WhiteBIT Token and Hashflow positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WhiteBIT Token position performs unexpectedly, Hashflow 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 Hashflow will offset losses from the drop in Hashflow's long position.| WhiteBIT Token vs. Staked Ether | WhiteBIT Token vs. EigenLayer | WhiteBIT Token vs. EOSDAC | WhiteBIT Token vs. BLZ |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |