Correlation Between Basic Attention and SEELE
Can any of the company-specific risk be diversified away by investing in both Basic Attention and SEELE 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 SEELE 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 SEELE, you can compare the effects of market volatilities on Basic Attention and SEELE 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 SEELE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Basic Attention and SEELE.
Diversification Opportunities for Basic Attention and SEELE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Basic and SEELE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Basic Attention Token and SEELE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SEELE 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 SEELE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SEELE has no effect on the direction of Basic Attention i.e., Basic Attention and SEELE go up and down completely randomly.
Pair Corralation between Basic Attention and SEELE
If you would invest 22.00 in Basic Attention Token on February 5, 2024 and sell it today you would earn a total of 3.00 from holding Basic Attention Token or generate 13.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Basic Attention Token vs. SEELE
Performance |
| Timeline |
| Basic Attention Token |
| SEELE |
Basic Attention and SEELE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Basic Attention and SEELE
The main advantage of trading using opposite Basic Attention and SEELE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Basic Attention position performs unexpectedly, SEELE 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 SEELE will offset losses from the drop in SEELE's long position.| Basic Attention vs. Staked Ether | Basic Attention vs. XCAD Network | Basic Attention vs. Phala Network | Basic Attention vs. EOSDAC |
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 Valuation module to check real value of public entities based on technical and fundamental data.
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