Correlation Between Auction and CoinEx Token

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

Diversification Opportunities for Auction and CoinEx Token

0.96
  Correlation Coefficient

Almost no diversification

The 3 months correlation between Auction and CoinEx is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Auction and CoinEx Token in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CoinEx Token and Auction 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 Auction are associated (or correlated) with CoinEx Token. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CoinEx Token has no effect on the direction of Auction i.e., Auction and CoinEx Token go up and down completely randomly.

Pair Corralation between Auction and CoinEx Token

Assuming the 90 days trading horizon Auction is expected to generate 1.63 times more return on investment than CoinEx Token. However, Auction is 1.63 times more volatile than CoinEx Token. It trades about -0.09 of its potential returns per unit of risk. CoinEx Token is currently generating about -0.19 per unit of risk. If you would invest  1,143  in Auction on April 2, 2022 and sell it today you would lose (572.00)  from holding Auction or give up 50.04% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Auction  vs.  CoinEx Token

 Performance (%) 
      Timeline 
Auction 
Auction Performance
0 of 100
Over the last 90 days Auction 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 forward indicators remain quite persistent which may send shares a bit higher in August 2022. The latest mess may also be a sign of long-standing up-swing for Auction institutional investors.

Auction Price Channel

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

CoinEx Price Channel

Auction and CoinEx Token Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with Auction and CoinEx Token

The main advantage of trading using opposite Auction and CoinEx Token positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Auction position performs unexpectedly, CoinEx Token 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 CoinEx Token will offset losses from the drop in CoinEx Token's long position.
The idea behind Auction and CoinEx Token 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.

Other Complementary Tools

Portfolio Holdings
Check your current holdings and cash postion to detemine if your portfolio needs rebalancing
Go
Premium Stories
Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope
Go
Portfolio Anywhere
Track or share privately all of your investments from the convenience of any device
Go
Sync Your Broker
Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors.
Go
Portfolio Suggestion
Get suggestions outside of your existing asset allocation including your own model portfolios
Go
Piotroski F Score
Get Piotroski F Score based on binary analysis strategy of nine different fundamentals
Go
Earnings Calls
Check upcoming earnings announcements updated hourly across public exchanges
Go
Volatility Analysis
Get historical volatility and risk analysis based on latest market data
Go
Instant Ratings
Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance
Go
Stock Screener
Find equities using custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook.
Go
Balance Of Power
Check stock momentum by analyzing Balance Of Power indicator and other technical ratios
Go
Equity Analysis
Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities
Go
Equity Search
Search for actively traded equities including funds and ETFs from over 30 global markets
Go