Correlation Between Bitfarms and CITIC Securities
Can any of the company-specific risk be diversified away by investing in both Bitfarms and CITIC Securities 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 Bitfarms and CITIC Securities into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bitfarms and CITIC Securities, you can compare the effects of market volatilities on Bitfarms and CITIC Securities 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 Bitfarms with a short position of CITIC Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bitfarms and CITIC Securities.
Diversification Opportunities for Bitfarms and CITIC Securities
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bitfarms and CITIC is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bitfarms and CITIC Securities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIC Securities and Bitfarms 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 Bitfarms are associated (or correlated) with CITIC Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIC Securities has no effect on the direction of Bitfarms i.e., Bitfarms and CITIC Securities go up and down completely randomly.
Pair Corralation between Bitfarms and CITIC Securities
If you would invest (100.00) in Bitfarms on January 26, 2024 and sell it today you would earn a total of 100.00 from holding Bitfarms or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Bitfarms vs. CITIC Securities
Performance |
| Timeline |
| Bitfarms |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CITIC Securities |
Bitfarms and CITIC Securities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bitfarms and CITIC Securities
The main advantage of trading using opposite Bitfarms and CITIC Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bitfarms position performs unexpectedly, CITIC Securities 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 CITIC Securities will offset losses from the drop in CITIC Securities' long position.| Bitfarms vs. TFI International | Bitfarms vs. Digi International | Bitfarms vs. Skillful Craftsman Education | Bitfarms vs. Saia Inc |
| CITIC Securities vs. ProSiebenSat1 Media AG | CITIC Securities vs. iHeartMedia | CITIC Securities vs. ITV PLC ADR | CITIC Securities vs. Walt Disney |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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