Correlation Between Staked Ether and FXP
Can any of the company-specific risk be diversified away by investing in both Staked Ether and FXP 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 Staked Ether and FXP into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Staked Ether and FXP, you can compare the effects of market volatilities on Staked Ether and FXP 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 Staked Ether with a short position of FXP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Staked Ether and FXP.
Diversification Opportunities for Staked Ether and FXP
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Staked and FXP is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Staked Ether and FXP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FXP and Staked Ether 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 Staked Ether are associated (or correlated) with FXP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FXP has no effect on the direction of Staked Ether i.e., Staked Ether and FXP go up and down completely randomly.
Pair Corralation between Staked Ether and FXP
If you would invest 327,284 in Staked Ether on January 30, 2024 and sell it today you would lose (2,286) from holding Staked Ether or give up 0.7% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 4.76% |
Values | Daily Returns |
Staked Ether vs. FXP
Performance |
Timeline |
Staked Ether |
FXP |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Staked Ether and FXP Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Staked Ether and FXP
The main advantage of trading using opposite Staked Ether and FXP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Staked Ether position performs unexpectedly, FXP 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 FXP will offset losses from the drop in FXP's long position.Staked Ether vs. Solana | Staked Ether vs. XRP | Staked Ether vs. The Open Network | Staked Ether vs. Avalanche |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
FinTech Suite Use AI to screen and filter profitable investment opportunities | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
Money Managers Screen money managers from public funds and ETFs managed around the world | |
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
Equity Valuation Check real value of public entities based on technical and fundamental data | |
Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |