Correlation Between SingularityNET and Bitcoin Gold

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

Diversification Opportunities for SingularityNET and Bitcoin Gold

0.95
  Correlation Coefficient

Almost no diversification

The 3 months correlation between SingularityNET and Bitcoin is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding SingularityNET and Bitcoin Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bitcoin Gold and SingularityNET 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 SingularityNET are associated (or correlated) with Bitcoin Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitcoin Gold has no effect on the direction of SingularityNET i.e., SingularityNET and Bitcoin Gold go up and down completely randomly.

Pair Corralation between SingularityNET and Bitcoin Gold

Assuming the 90 days trading horizon SingularityNET is expected to under-perform the Bitcoin Gold. In addition to that, SingularityNET is 1.03 times more volatile than Bitcoin Gold. It trades about -0.42 of its total potential returns per unit of risk. Bitcoin Gold is currently generating about -0.23 per unit of volatility. If you would invest  2,320  in Bitcoin Gold on March 30, 2022 and sell it today you would lose (668.00)  from holding Bitcoin Gold or give up 28.79% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

SingularityNET  vs.  Bitcoin Gold

 Performance (%) 
      Timeline 
SingularityNET 
SingularityNET Performance
0 of 100
Over the last 90 days SingularityNET 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 technical and fundamental indicators remain somewhat strong which may send shares a bit higher in July 2022. The current disturbance may also be a sign of long term up-swing for SingularityNET investors.

SingularityNET Price Channel

Bitcoin Gold 
Bitcoin Performance
0 of 100
Over the last 90 days Bitcoin Gold 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 July 2022. The current disturbance may also be a sign of long term up-swing for Bitcoin Gold investors.

Bitcoin Price Channel

SingularityNET and Bitcoin Gold Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with SingularityNET and Bitcoin Gold

The main advantage of trading using opposite SingularityNET and Bitcoin Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SingularityNET position performs unexpectedly, Bitcoin Gold 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 Bitcoin Gold will offset losses from the drop in Bitcoin Gold's long position.
The idea behind SingularityNET and Bitcoin Gold 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 ETF Directory module to find actively traded Exchange Traded Funds (ETF) from around the world.

Other Complementary Tools

Equity Forecasting
Use basic forecasting models to generate price predictions and determine price momentum
Go
Financial Widgets
Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets
Go
Equity Valuation
Check real value of public entities based on technical and fundamental data
Go
Price Exposure Probability
Analyze equity upside and downside potential for a given time horizon across multiple markets
Go
Portfolio Optimization
Compute new portfolio that will generate highest expected return given your specified tolerance for risk
Go
Crypto Correlations
Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins
Go
Pair Correlation
Compare performance and examine fundamental relationship between any two equity instruments
Go
Portfolio Anywhere
Track or share privately all of your investments from the convenience of any device
Go