Correlation Between Bitcoin Gold and THX
Can any of the company-specific risk be diversified away by investing in both Bitcoin Gold and THX 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 Bitcoin Gold and THX into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bitcoin Gold and THX, you can compare the effects of market volatilities on Bitcoin Gold and THX 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 Bitcoin Gold with a short position of THX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bitcoin Gold and THX.
Diversification Opportunities for Bitcoin Gold and THX
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bitcoin and THX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bitcoin Gold and THX in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on THX and Bitcoin Gold 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 Bitcoin Gold are associated (or correlated) with THX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of THX has no effect on the direction of Bitcoin Gold i.e., Bitcoin Gold and THX go up and down completely randomly.
Pair Corralation between Bitcoin Gold and THX
If you would invest 1,510 in Bitcoin Gold on January 19, 2024 and sell it today you would earn a total of 1,689 from holding Bitcoin Gold or generate 111.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.78% |
| Values | Daily Returns |
Bitcoin Gold vs. THX
Performance |
| Timeline |
| Bitcoin Gold |
| THX |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bitcoin Gold and THX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bitcoin Gold and THX
The main advantage of trading using opposite Bitcoin Gold and THX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bitcoin Gold position performs unexpectedly, THX 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 THX will offset losses from the drop in THX's long position.| Bitcoin Gold vs. Bitcoin | Bitcoin Gold vs. Dogecoin | Bitcoin Gold vs. Bitcoin Cash | Bitcoin Gold vs. Litecoin |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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