Correlation Between Binance Coin and HYN
Can any of the company-specific risk be diversified away by investing in both Binance Coin 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 Binance Coin and HYN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Binance Coin and HYN, you can compare the effects of market volatilities on Binance Coin 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 Binance Coin with a short position of HYN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Binance Coin and HYN.
Diversification Opportunities for Binance Coin and HYN
-0.95 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Binance and HYN is -0.95. Overlapping area represents the amount of risk that can be diversified away by holding Binance Coin and HYN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HYN and Binance Coin 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 Binance Coin 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 Binance Coin i.e., Binance Coin and HYN go up and down completely randomly.
Pair Corralation between Binance Coin and HYN
If you would invest 3.31 in HYN on January 19, 2024 and sell it today you would earn a total of 0.00 from holding HYN or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 4.35% |
| Values | Daily Returns |
Binance Coin vs. HYN
Performance |
| Timeline |
| Binance Coin |
| HYN |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Binance Coin and HYN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Binance Coin and HYN
The main advantage of trading using opposite Binance Coin and HYN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Binance Coin 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.| Binance Coin vs. Staked Ether | Binance Coin vs. Cronos | Binance Coin vs. Wrapped Bitcoin | Binance Coin vs. Monero |
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 Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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