Correlation Between AllianceBlock and BTC Standard

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

Diversification Opportunities for AllianceBlock and BTC Standard

  Correlation Coefficient

Almost no diversification

The 3 months correlation between AllianceBlock and BTCST is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding AllianceBlock and BTC Standard Hashrate Token in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BTC Standard Hashrate and AllianceBlock 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 AllianceBlock are associated (or correlated) with BTC Standard. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BTC Standard Hashrate has no effect on the direction of AllianceBlock i.e., AllianceBlock and BTC Standard go up and down completely randomly.

Pair Corralation between AllianceBlock and BTC Standard

Assuming the 90 days trading horizon AllianceBlock is expected to under-perform the BTC Standard. In addition to that, AllianceBlock is 1.23 times more volatile than BTC Standard Hashrate. It trades about -0.32 of its total potential returns per unit of risk. BTC Standard Hashrate is currently generating about -0.25 per unit of volatility. If you would invest  777.00  in BTC Standard Hashrate on April 6, 2022 and sell it today you would lose (236.00)  from holding BTC Standard Hashrate or give up 30.37% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Strong
ValuesDaily Returns

AllianceBlock  vs.  BTC Standard Hashrate Token

 Performance (%) 
AllianceBlock Performance
0 of 100
Over the last 90 days AllianceBlock 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 drivers 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 AllianceBlock investors.

AllianceBlock Price Channel

BTC Standard Hashrate 
BTCST Performance
0 of 100
Over the last 90 days BTC Standard Hashrate 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 BTC Standard Hashrate investors.

BTCST Price Channel

AllianceBlock and BTC Standard Volatility Contrast

 Predicted Return Density 

Pair Trading with AllianceBlock and BTC Standard

The main advantage of trading using opposite AllianceBlock and BTC Standard positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AllianceBlock position performs unexpectedly, BTC Standard 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 BTC Standard will offset losses from the drop in BTC Standard's long position.
The idea behind AllianceBlock and BTC Standard Hashrate 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 Piotroski F Score module to get Piotroski F Score based on binary analysis strategy of nine different fundamentals.

Other Complementary Tools

Performance Analysis
Check effects of mean-variance optimization against your current asset allocation
Portfolio Rebalancing
Analyze risk-adjusted returns against different time horizons to find asset-allocation targets
Price Ceiling Movement
Calculate and plot Price Ceiling Movement for different equity instruments
Stock Tickers
Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites
Fundamental Analysis
View fundamental data based on most recent published financial statements
Equity Analysis
Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities
ETF Directory
Find actively traded Exchange Traded Funds (ETF) from around the world
Premium Stories
Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope
Risk-Return Analysis
View associations between returns expected from investment and the risk you assume
Price Exposure Probability
Analyze equity upside and downside potential for a given time horizon across multiple markets
Portfolio Manager
State of the art Portfolio Manager to monitor and improve performance of your invested capital