Correlation Between Amp and CoinEx Token

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

Diversification Opportunities for Amp and CoinEx Token

0.68
  Correlation Coefficient

Poor diversification

The 3 months correlation between Amp and CoinEx is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Amp and CoinEx Token in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CoinEx Token and Amp 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 Amp 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 Amp i.e., Amp and CoinEx Token go up and down completely randomly.

Pair Corralation between Amp and CoinEx Token

Assuming the 90 days trading horizon Amp is expected to under-perform the CoinEx Token. In addition to that, Amp is 1.34 times more volatile than CoinEx Token. It trades about -0.09 of its total potential returns per unit of risk. CoinEx Token is currently generating about -0.02 per unit of volatility. If you would invest  6.30  in CoinEx Token on February 24, 2022 and sell it today you would lose (2.02)  from holding CoinEx Token or give up 32.06% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy99.35%
ValuesDaily Returns

Amp  vs.  CoinEx Token

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

Amp 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 June 2022. The current disturbance may also be a sign of long term up-swing for CoinEx Token investors.

CoinEx Price Channel

Amp and CoinEx Token Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with Amp and CoinEx Token

The main advantage of trading using opposite Amp and CoinEx Token positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amp 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 Amp 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.

Other Complementary Tools

Companies Directory
Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals
Go
Watchlist Optimization
Optimize watchlists to build efficient portfolio or rebalance existing positions based on mean-variance optimization algorithm
Go
Price Ceiling Movement
Calculate and plot Price Ceiling Movement for different equity instruments
Go
Cryptocurrency Center
Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency
Go
Premium Stories
Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope
Go
Portfolio Center
All portfolio management and optimization tools to improve performance of your portfolios
Go
Analyst Recommendations
Analyst recommendations and target price estimates broken down by several categories
Go
Equity Search
Search for actively traded equities including funds and ETFs from over 30 global markets
Go
Performance Analysis
Check effects of mean-variance optimization against your current asset allocation
Go
Crypto Correlations
Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins
Go
Earnings Calls
Check upcoming earnings announcements updated hourly across public exchanges
Go