Correlation Between Binance Coin and SALESFORCE
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By analyzing existing cross correlation between Binance Coin and SALESFORCE INC 37, you can compare the effects of market volatilities on Binance Coin and SALESFORCE 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 Binance Coin with a short position of SALESFORCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Binance Coin and SALESFORCE.
Diversification Opportunities for Binance Coin and SALESFORCE
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Binance and SALESFORCE is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Binance Coin and SALESFORCE INC 37 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SALESFORCE INC 37 and Binance Coin 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 Binance Coin are associated (or correlated) with SALESFORCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SALESFORCE INC 37 has no effect on the direction of Binance Coin i.e., Binance Coin and SALESFORCE go up and down completely randomly.
Pair Corralation between Binance Coin and SALESFORCE
Assuming the 90 days trading horizon Binance Coin is expected to generate 26.55 times more return on investment than SALESFORCE. However, Binance Coin is 26.55 times more volatile than SALESFORCE INC 37. It trades about 0.05 of its potential returns per unit of risk. SALESFORCE INC 37 is currently generating about 0.0 per unit of risk. If you would invest 33,298 in Binance Coin on October 26, 2024 and sell it today you would earn a total of 34,742 from holding Binance Coin or generate 104.34% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 60.57% |
Values | Daily Returns |
Binance Coin vs. SALESFORCE INC 37
Performance |
Timeline |
Binance Coin |
SALESFORCE INC 37 |
Binance Coin and SALESFORCE Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Binance Coin and SALESFORCE
The main advantage of trading using opposite Binance Coin and SALESFORCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Binance Coin position performs unexpectedly, SALESFORCE 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 SALESFORCE will offset losses from the drop in SALESFORCE's long position.Binance Coin vs. Staked Ether | Binance Coin vs. Cronos | Binance Coin vs. Wrapped Bitcoin | Binance Coin vs. Monero |
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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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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