Correlation Between Hedera Hashgraph and Bitcoin Gold
Can any of the company-specific risk be diversified away by investing in both Hedera Hashgraph and Bitcoin Gold 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 Hedera Hashgraph and Bitcoin Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hedera Hashgraph and Bitcoin Gold, you can compare the effects of market volatilities on Hedera Hashgraph and Bitcoin Gold 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 Hedera Hashgraph with a short position of Bitcoin Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hedera Hashgraph and Bitcoin Gold.
Diversification Opportunities for Hedera Hashgraph and Bitcoin Gold
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hedera and Bitcoin is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Hedera Hashgraph and Bitcoin Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bitcoin Gold and Hedera Hashgraph 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 Hedera Hashgraph are associated (or correlated) with Bitcoin Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitcoin Gold has no effect on the direction of Hedera Hashgraph i.e., Hedera Hashgraph and Bitcoin Gold go up and down completely randomly.
Pair Corralation between Hedera Hashgraph and Bitcoin Gold
Assuming the 90 days trading horizon Hedera Hashgraph is expected to generate 4.69 times more return on investment than Bitcoin Gold. However, Hedera Hashgraph is 4.69 times more volatile than Bitcoin Gold. It trades about 0.03 of its potential returns per unit of risk. Bitcoin Gold is currently generating about -0.22 per unit of risk. If you would invest 12.00 in Hedera Hashgraph on January 25, 2024 and sell it today you would lose (3.19) from holding Hedera Hashgraph or give up 26.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hedera Hashgraph vs. Bitcoin Gold
Performance |
| Timeline |
| Hedera Hashgraph |
| Bitcoin Gold |
Hedera Hashgraph and Bitcoin Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hedera Hashgraph and Bitcoin Gold
The main advantage of trading using opposite Hedera Hashgraph and Bitcoin Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hedera Hashgraph position performs unexpectedly, Bitcoin Gold 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 Bitcoin Gold will offset losses from the drop in Bitcoin Gold's long position.| Hedera Hashgraph vs. Ethereum | Hedera Hashgraph vs. Solana | Hedera Hashgraph vs. XRP | Hedera Hashgraph vs. The Open Network |
| Bitcoin Gold vs. Bitcoin | Bitcoin Gold vs. Dogecoin | Bitcoin Gold vs. Bitcoin Cash | Bitcoin Gold vs. Litecoin |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| 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 | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Transaction History View history of all your transactions and understand their impact on performance |