Correlation Between Grayscale Bitcoin and KINDER
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By analyzing existing cross correlation between Grayscale Bitcoin Mini and KINDER MORGAN ENERGY, you can compare the effects of market volatilities on Grayscale Bitcoin and KINDER 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 Grayscale Bitcoin with a short position of KINDER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grayscale Bitcoin and KINDER.
Diversification Opportunities for Grayscale Bitcoin and KINDER
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Grayscale and KINDER is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Grayscale Bitcoin Mini and KINDER MORGAN ENERGY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KINDER MORGAN ENERGY and Grayscale Bitcoin 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 Grayscale Bitcoin Mini are associated (or correlated) with KINDER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KINDER MORGAN ENERGY has no effect on the direction of Grayscale Bitcoin i.e., Grayscale Bitcoin and KINDER go up and down completely randomly.
Pair Corralation between Grayscale Bitcoin and KINDER
Considering the 90-day investment horizon Grayscale Bitcoin Mini is expected to under-perform the KINDER. In addition to that, Grayscale Bitcoin is 12.59 times more volatile than KINDER MORGAN ENERGY. It trades about -0.02 of its total potential returns per unit of risk. KINDER MORGAN ENERGY is currently generating about 0.01 per unit of volatility. If you would invest 11,209 in KINDER MORGAN ENERGY on September 23, 2024 and sell it today you would earn a total of 48.00 from holding KINDER MORGAN ENERGY or generate 0.43% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 97.64% |
Values | Daily Returns |
Grayscale Bitcoin Mini vs. KINDER MORGAN ENERGY
Performance |
Timeline |
Grayscale Bitcoin Mini |
KINDER MORGAN ENERGY |
Grayscale Bitcoin and KINDER Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Grayscale Bitcoin and KINDER
The main advantage of trading using opposite Grayscale Bitcoin and KINDER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grayscale Bitcoin position performs unexpectedly, KINDER 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 KINDER will offset losses from the drop in KINDER's long position.Grayscale Bitcoin vs. ProShares Trust | Grayscale Bitcoin vs. iShares Ethereum Trust | Grayscale Bitcoin vs. ProShares Trust | Grayscale Bitcoin vs. Grayscale Ethereum Trust |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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