Correlation Between WhiteBIT Token and Jito
Can any of the company-specific risk be diversified away by investing in both WhiteBIT Token and Jito 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 WhiteBIT Token and Jito into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between WhiteBIT Token and Jito, you can compare the effects of market volatilities on WhiteBIT Token and Jito 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 WhiteBIT Token with a short position of Jito. Check out your portfolio center. Please also check ongoing floating volatility patterns of WhiteBIT Token and Jito.
Diversification Opportunities for WhiteBIT Token and Jito
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between WhiteBIT and Jito is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding WhiteBIT Token and Jito in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jito and WhiteBIT 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 WhiteBIT Token are associated (or correlated) with Jito. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jito has no effect on the direction of WhiteBIT Token i.e., WhiteBIT Token and Jito go up and down completely randomly.
Pair Corralation between WhiteBIT Token and Jito
Assuming the 90 days trading horizon WhiteBIT Token is expected to generate 0.15 times more return on investment than Jito. However, WhiteBIT Token is 6.6 times less risky than Jito. It trades about -0.27 of its potential returns per unit of risk. Jito is currently generating about -0.11 per unit of risk. If you would invest 2,814 in WhiteBIT Token on December 2, 2024 and sell it today you would lose (167.00) from holding WhiteBIT Token or give up 5.93% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
WhiteBIT Token vs. Jito
Performance |
Timeline |
WhiteBIT Token |
Jito |
WhiteBIT Token and Jito Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with WhiteBIT Token and Jito
The main advantage of trading using opposite WhiteBIT Token and Jito positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WhiteBIT Token position performs unexpectedly, Jito 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 Jito will offset losses from the drop in Jito's long position.WhiteBIT Token vs. Staked Ether | WhiteBIT Token vs. Phala Network | WhiteBIT Token vs. EigenLayer | WhiteBIT Token vs. EOSDAC |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
Transaction History View history of all your transactions and understand their impact on performance | |
Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |