Correlation Between Basic Attention and ZB
Can any of the company-specific risk be diversified away by investing in both Basic Attention and ZB 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 Basic Attention and ZB into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Basic Attention Token and ZB, you can compare the effects of market volatilities on Basic Attention and ZB 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 Basic Attention with a short position of ZB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Basic Attention and ZB.
Diversification Opportunities for Basic Attention and ZB
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Basic and ZB is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Basic Attention Token and ZB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ZB and Basic Attention 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 Basic Attention Token are associated (or correlated) with ZB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ZB has no effect on the direction of Basic Attention i.e., Basic Attention and ZB go up and down completely randomly.
Pair Corralation between Basic Attention and ZB
If you would invest 44.00 in ZB on January 20, 2024 and sell it today you would earn a total of 0.00 from holding ZB or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Basic Attention Token vs. ZB
Performance |
| Timeline |
| Basic Attention Token |
| ZB |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Basic Attention and ZB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Basic Attention and ZB
The main advantage of trading using opposite Basic Attention and ZB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Basic Attention position performs unexpectedly, ZB 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 ZB will offset losses from the drop in ZB's long position.| Basic Attention vs. Solana | Basic Attention vs. XRP | Basic Attention vs. The Open Network | Basic Attention vs. Staked Ether |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |