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

0.84
  Correlation Coefficient

Very poor diversification

The 3 months correlation between Auction and CoinEx is 0.84. 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 under-perform the CoinEx Token. In addition to that, Auction is 2.0 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 -0.1 per unit of volatility. If you would invest  7.86  in CoinEx Token on February 22, 2022 and sell it today you would lose (3.67)  from holding CoinEx Token or give up 46.69% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthStrong
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 June 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 June 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 CEO Directory module to screen CEOs from public companies around the world.

Other Complementary Tools

Transaction History
View history of all your transactions and understand their impact on performance
Go
Technical Analysis
Check basic technical indicators and analysis based on most latest market data
Go
Insider Screener
Find insiders across different sectors to evaluate their impact on performance
Go
Earnings Calls
Check upcoming earnings announcements updated hourly across public exchanges
Go
CEO Directory
Screen CEOs from public companies around the world
Go
Balance Of Power
Check stock momentum by analyzing Balance Of Power indicator and other technical ratios
Go
Idea Optimizer
Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio
Go
Portfolio Anywhere
Track or share privately all of your investments from the convenience of any device
Go
Aroon Oscillator
Analyze current equity momentum using Aroon Oscillator and other momentum ratios
Go
Money Managers
Screen money managers from public funds and ETFs managed around the world
Go
Fundamentals Comparison
Compare fundamentals across multiple equities to find investing opportunities
Go