Correlation Analysis Between BTCS INC and NZSE

This module allows you to analyze existing cross correlation between BTCS INC and NZSE. You can compare the effects of market volatilities on BTCS INC and NZSE 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 BTCS INC with a short position of NZSE. See also your portfolio center. Please also check ongoing floating volatility patterns of BTCS INC and NZSE.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
      Returns 

BTCS INC  vs.  NZSE

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, BTCS INC is expected to under-perform the NZSE. In addition to that, BTCS INC is 14.35 times more volatile than NZSE. It trades about -0.05 of its total potential returns per unit of risk. NZSE is currently generating about 0.1 per unit of volatility. If you would invest  1,032,729  in NZSE on August 20, 2019 and sell it today you would earn a total of  47,376  from holding NZSE or generate 4.59% return on investment over 30 days.

Pair Corralation between BTCS INC and NZSE

0.73
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy98.41%
ValuesDaily Returns

Diversification Opportunities for BTCS INC and NZSE

BTCS INC diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding BTCS INC and NZSE in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NZSE and BTCS INC 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 BTCS INC are associated (or correlated) with NZSE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NZSE has no effect on the direction of BTCS INC i.e. BTCS INC and NZSE go up and down completely randomly.
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See also your portfolio center. Please also try Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.


 
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