Correlation Between IShares Global and Bitwise Core
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By analyzing existing cross correlation between iShares Global AAA AA and Bitwise Core Bitcoin, you can compare the effects of market volatilities on IShares Global and Bitwise Core 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 Global with a short position of Bitwise Core. Check out your portfolio center. Please also check ongoing floating volatility patterns of IShares Global and Bitwise Core.
Diversification Opportunities for IShares Global and Bitwise Core
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between IShares and Bitwise is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding iShares Global AAA AA and Bitwise Core Bitcoin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bitwise Core Bitcoin and IShares Global 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 Global AAA AA are associated (or correlated) with Bitwise Core. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitwise Core Bitcoin has no effect on the direction of IShares Global i.e., IShares Global and Bitwise Core go up and down completely randomly.
Pair Corralation between IShares Global and Bitwise Core
Assuming the 90 days trading horizon iShares Global AAA AA is expected to under-perform the Bitwise Core. But the etf apears to be less risky and, when comparing its historical volatility, iShares Global AAA AA is 11.3 times less risky than Bitwise Core. The etf trades about -0.03 of its potential returns per unit of risk. The Bitwise Core Bitcoin is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 612.00 in Bitwise Core Bitcoin on October 23, 2024 and sell it today you would earn a total of 400.00 from holding Bitwise Core Bitcoin or generate 65.36% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
iShares Global AAA AA vs. Bitwise Core Bitcoin
Performance |
Timeline |
iShares Global AAA |
Bitwise Core Bitcoin |
IShares Global and Bitwise Core Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with IShares Global and Bitwise Core
The main advantage of trading using opposite IShares Global and Bitwise Core positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IShares Global position performs unexpectedly, Bitwise Core 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 Bitwise Core will offset losses from the drop in Bitwise Core's long position.IShares Global vs. iShares Govt Bond | IShares Global vs. iShares Smart City | IShares Global vs. iShares Broad High | IShares Global vs. iShares Emerging Markets |
Bitwise Core vs. iShares Govt Bond | Bitwise Core vs. Amundi MSCI Europe | Bitwise Core vs. iShares Global AAA AA | Bitwise Core vs. iShares Smart City |
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.
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