Correlation Between Bitget Token and MANTRA

Can any of the company-specific risk be diversified away by investing in both Bitget Token and MANTRA 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 Bitget Token and MANTRA into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Bitget token and MANTRA, you can compare the effects of market volatilities on Bitget Token and MANTRA 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 Bitget Token with a short position of MANTRA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bitget Token and MANTRA.

Diversification Opportunities for Bitget Token and MANTRA

-0.63

Correlation Coefficient

Bitget Token  MANTRA

Excellent diversification

The 3 months correlation between Bitget and MANTRA is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Bitget token and MANTRA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MANTRA and Bitget Token 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 Bitget token are associated (or correlated) with MANTRA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MANTRA has no effect on the direction of Bitget Token i.e., Bitget Token and MANTRA go up and down completely randomly.

Pair Corralation between Bitget Token and MANTRA

Assuming the 90 days trading horizon Bitget Token is expected to generate 7.23 times less return on investment than MANTRA. In addition to that, Bitget Token is 1.18 times more volatile than MANTRA. It trades about 0.02 of its total potential returns per unit of risk. MANTRA is currently generating about 0.18 per unit of volatility. If you would invest  381.00  in MANTRA on December 21, 2024 and sell it today you would earn a total of  294.00  from holding MANTRA or generate 77.17% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Weak
Accuracy	100.0%
Values	Daily Returns

Bitget token  vs.  MANTRA

Bitget token

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Bitget token are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of rather unsteady fundamental drivers, Bitget Token may actually be approaching a critical reversion point that can send shares even higher in April 2025.

MANTRA

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in MANTRA are ranked lower than 14 (%) of all global equities and portfolios over the last 90 days. In spite of rather unsteady fundamental indicators, MANTRA exhibited solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Bitget Token and MANTRA

The main advantage of trading using opposite Bitget Token and MANTRA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bitget Token position performs unexpectedly, MANTRA 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 MANTRA will offset losses from the drop in MANTRA's long position.

The idea behind Bitget token and MANTRA 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.

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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 CEOs Directory module to screen CEOs from public companies around the world.