Correlation Between Chainlink and Status Network
Can any of the company-specific risk be diversified away by investing in both Chainlink and Status Network 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 Chainlink and Status Network into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Chainlink and Status Network Token, you can compare the effects of market volatilities on Chainlink and Status Network 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 Chainlink with a short position of Status Network. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chainlink and Status Network.
Diversification Opportunities for Chainlink and Status Network
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Chainlink and Status is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Chainlink and Status Network Token in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Status Network Token and Chainlink 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 Chainlink are associated (or correlated) with Status Network. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Status Network Token has no effect on the direction of Chainlink i.e., Chainlink and Status Network go up and down completely randomly.
Pair Corralation between Chainlink and Status Network
Assuming the 90 days trading horizon Chainlink is expected to generate 0.83 times more return on investment than Status Network. However, Chainlink is 1.2 times less risky than Status Network. It trades about 0.05 of its potential returns per unit of risk. Status Network Token is currently generating about 0.03 per unit of risk. If you would invest 758.00 in Chainlink on January 20, 2024 and sell it today you would earn a total of 637.00 from holding Chainlink or generate 84.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chainlink vs. Status Network Token
Performance |
| Timeline |
| Chainlink |
| Status Network Token |
Chainlink and Status Network Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chainlink and Status Network
The main advantage of trading using opposite Chainlink and Status Network positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chainlink position performs unexpectedly, Status Network 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 Status Network will offset losses from the drop in Status Network's long position.The idea behind Chainlink and Status Network Token pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Status Network vs. Staked Ether | Status Network vs. XCAD Network | Status Network vs. Phala Network | Status Network 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| AI Investment Finder Use AI to screen and filter profitable investment opportunities | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |