Correlation Between 1inch and ApeCoin

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both 1inch and ApeCoin 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 1inch and ApeCoin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between 1inch and ApeCoin, you can compare the effects of market volatilities on 1inch and ApeCoin 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 1inch with a short position of ApeCoin. Check out your portfolio center. Please also check ongoing floating volatility patterns of 1inch and ApeCoin.

Diversification Opportunities for 1inch and ApeCoin

0.73
  Correlation Coefficient

Poor diversification

The 3 months correlation between 1inch and ApeCoin is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding 1inch and ApeCoin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ApeCoin and 1inch 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 1inch are associated (or correlated) with ApeCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ApeCoin has no effect on the direction of 1inch i.e., 1inch and ApeCoin go up and down completely randomly.

Pair Corralation between 1inch and ApeCoin

Assuming the 90 days trading horizon 1inch is expected to under-perform the ApeCoin. But the crypto coin apears to be less risky and, when comparing its historical volatility, 1inch is 6.49 times less risky than ApeCoin. The crypto coin trades about -0.11 of its potential returns per unit of risk. The ApeCoin is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest  0.00  in ApeCoin on April 2, 2022 and sell it today you would earn a total of  450.00  from holding ApeCoin or generate 9.223372036854776E16% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy35.48%
ValuesDaily Returns

1inch  vs.  ApeCoin

 Performance (%) 
      Timeline 
1inch 
1inch Performance
0 of 100
Over the last 90 days 1inch has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Crypto's fundamental indicators remain somewhat strong which may send shares a bit higher in August 2022. The current disturbance may also be a sign of long term up-swing for 1inch investors.

1inch Price Channel

ApeCoin 
ApeCoin Performance
0 of 100
Over the last 90 days ApeCoin has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Crypto's basic indicators remain somewhat strong which may send shares a bit higher in August 2022. The current disturbance may also be a sign of long term up-swing for ApeCoin investors.

ApeCoin Price Channel

1inch and ApeCoin Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with 1inch and ApeCoin

The main advantage of trading using opposite 1inch and ApeCoin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 1inch position performs unexpectedly, ApeCoin 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 ApeCoin will offset losses from the drop in ApeCoin's long position.
The idea behind 1inch and ApeCoin pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.

Other Complementary Tools

Bond Directory
Find actively traded corporate debentures issued by US companies
Go
Financial Widgets
Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets
Go
Portfolio Diagnostics
Use generated alerts and portfolio events aggregator to diagnose current holdings
Go
Portfolio Center
All portfolio management and optimization tools to improve performance of your portfolios
Go
Fundamental Analysis
View fundamental data based on most recent published financial statements
Go
Correlation Analysis
Reduce portfolio risk simply by holding instruments which are not perfectly correlated
Go
Efficient Frontier
Plot and analyze your portfolio and positions against risk-return landscape of the market.
Go
Commodity Channel Index
Use Commodity Channel Index to analyze current equity momentum
Go
Equity Forecasting
Use basic forecasting models to generate price predictions and determine price momentum
Go
Cryptocurrency Center
Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency
Go
Earnings Calls
Check upcoming earnings announcements updated hourly across public exchanges
Go
Probability Of Bankruptcy
Get analysis of equity chance of financial distress in the next 2 years
Go
Companies Directory
Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals
Go