Correlation Analysis Between BITFARMS LTD and Morgan Stanley

Analyzing existing cross correlation between BITFARMS LTD and Morgan Stanley. You can compare the effects of market volatilities on BITFARMS LTD and Morgan Stanley 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 LTD with a short position of Morgan Stanley. See also your portfolio center. Please also check ongoing floating volatility patterns of BITFARMS LTD and Morgan Stanley.
Horizon     30 Days    Login   to change
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Comparative Performance

BITFARMS LTD  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BITFARMS LTD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. In spite of rather weak fundamental drivers, BITFARMS LTD exhibited solid returns over the last few months and may actually be approaching a breakup point.
Morgan Stanley  
2121

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Morgan Stanley are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively weak forward-looking signals, Morgan Stanley reported solid returns over the last few months and may actually be approaching a breakup point.

BITFARMS LTD and Morgan Stanley Volatility Contrast

 Predicted Return Density 
    
  Returns 

BITFARMS LTD  vs.  Morgan Stanley

 Performance (%) 
    
  Timeline 

Pair Volatility

Assuming 30 trading days horizon, BITFARMS LTD is expected to generate 11.69 times more return on investment than Morgan Stanley. However, BITFARMS LTD is 11.69 times more volatile than Morgan Stanley. It trades about 0.08 of its potential returns per unit of risk. Morgan Stanley is currently generating about 0.31 per unit of risk. If you would invest  39.00  in BITFARMS LTD on December 20, 2019 and sell it today you would earn a total of  9.00  from holding BITFARMS LTD or generate 23.08% return on investment over 30 days.

Pair Corralation between BITFARMS LTD and Morgan Stanley

-0.27
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy92.65%
ValuesDaily Returns

Diversification Opportunities for BITFARMS LTD and Morgan Stanley

BITFARMS LTD diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding BITFARMS LTD and Morgan Stanley in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Morgan Stanley and BITFARMS LTD 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 LTD are associated (or correlated) with Morgan Stanley. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Morgan Stanley has no effect on the direction of BITFARMS LTD i.e. BITFARMS LTD and Morgan Stanley go up and down completely randomly.
See also your portfolio center. Please also try Pair Correlation module to compare performance and examine historical correlation between any two equity instruments.