Correlation Between Origin Protocol and HYN
Can any of the company-specific risk be diversified away by investing in both Origin Protocol and HYN 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 Origin Protocol and HYN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Origin Protocol and HYN, you can compare the effects of market volatilities on Origin Protocol and HYN 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 Origin Protocol with a short position of HYN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Origin Protocol and HYN.
Diversification Opportunities for Origin Protocol and HYN
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Origin and HYN is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Origin Protocol and HYN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HYN and Origin 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 Origin Protocol are associated (or correlated) with HYN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HYN has no effect on the direction of Origin Protocol i.e., Origin Protocol and HYN go up and down completely randomly.
Pair Corralation between Origin Protocol and HYN
Assuming the 90 days trading horizon Origin Protocol is expected to generate 2.1 times more return on investment than HYN. However, Origin Protocol is 2.1 times more volatile than HYN. It trades about 0.04 of its potential returns per unit of risk. HYN is currently generating about 0.05 per unit of risk. If you would invest 14.00 in Origin Protocol on January 24, 2024 and sell it today you would earn a total of 2.00 from holding Origin Protocol or generate 14.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 61.4% |
| Values | Daily Returns |
Origin Protocol vs. HYN
Performance |
| Timeline |
| Origin Protocol |
| HYN |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Origin Protocol and HYN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Origin Protocol and HYN
The main advantage of trading using opposite Origin Protocol and HYN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Origin Protocol position performs unexpectedly, HYN 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 HYN will offset losses from the drop in HYN's long position.| Origin Protocol vs. Solana | Origin Protocol vs. XRP | Origin Protocol vs. The Open Network | Origin Protocol 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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