Correlation Between IShares Blockchain and HONEYWELL
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By analyzing existing cross correlation between iShares Blockchain and and HONEYWELL INTERNATIONAL INC, you can compare the effects of market volatilities on IShares Blockchain and HONEYWELL 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 IShares Blockchain with a short position of HONEYWELL. Check out your portfolio center. Please also check ongoing floating volatility patterns of IShares Blockchain and HONEYWELL.
Diversification Opportunities for IShares Blockchain and HONEYWELL
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between IShares and HONEYWELL is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding iShares Blockchain and and HONEYWELL INTERNATIONAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HONEYWELL INTERNATIONAL and IShares Blockchain 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 iShares Blockchain and are associated (or correlated) with HONEYWELL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HONEYWELL INTERNATIONAL has no effect on the direction of IShares Blockchain i.e., IShares Blockchain and HONEYWELL go up and down completely randomly.
Pair Corralation between IShares Blockchain and HONEYWELL
Given the investment horizon of 90 days iShares Blockchain and is expected to under-perform the HONEYWELL. But the etf apears to be less risky and, when comparing its historical volatility, iShares Blockchain and is 1.04 times less risky than HONEYWELL. The etf trades about -0.1 of its potential returns per unit of risk. The HONEYWELL INTERNATIONAL INC is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 6,507 in HONEYWELL INTERNATIONAL INC on September 23, 2024 and sell it today you would earn a total of 955.00 from holding HONEYWELL INTERNATIONAL INC or generate 14.68% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 71.43% |
Values | Daily Returns |
iShares Blockchain and vs. HONEYWELL INTERNATIONAL INC
Performance |
Timeline |
iShares Blockchain and |
HONEYWELL INTERNATIONAL |
IShares Blockchain and HONEYWELL Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with IShares Blockchain and HONEYWELL
The main advantage of trading using opposite IShares Blockchain and HONEYWELL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IShares Blockchain position performs unexpectedly, HONEYWELL 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 HONEYWELL will offset losses from the drop in HONEYWELL's long position.IShares Blockchain vs. Grayscale Bitcoin Trust | IShares Blockchain vs. Siren Nasdaq NexGen | IShares Blockchain vs. First Trust Indxx | IShares Blockchain vs. Simplify Equity PLUS |
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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