Correlation Between Audius and CoinEx Token

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

Diversification Opportunities for Audius and CoinEx Token

0.76
  Correlation Coefficient

Poor diversification

The 3 months correlation between Audius and CoinEx is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Audius and CoinEx Token in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on CoinEx Token and Audius 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 Audius 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 Audius i.e., Audius and CoinEx Token go up and down completely randomly.

Pair Corralation between Audius and CoinEx Token

Assuming the 90 days trading horizon Audius is expected to under-perform the CoinEx Token. In addition to that, Audius is 1.71 times more volatile than CoinEx Token. It trades about -0.07 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 17, 2022 and sell it today you would lose (1.83)  from holding CoinEx Token or give up 29.05% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy99.33%
ValuesDaily Returns

Audius  vs.  CoinEx Token

 Performance (%) 
      Timeline 
Audius 
Audius Performance
0 of 100
Over the last 90 days Audius 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 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 Audius investors.

Audius 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 latest weak performance, the Crypto's technical and fundamental indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for CoinEx Token investors.

CoinEx Price Channel

Audius and CoinEx Token Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with Audius and CoinEx Token

The main advantage of trading using opposite Audius and CoinEx Token positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Audius 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 Audius 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.

Other Complementary Tools

Global Correlations
Find global opportunities by holding instruments from different markets
Go
Portfolio Holdings
Check your current holdings and cash postion to detemine if your portfolio needs rebalancing
Go
Correlation Analysis
Reduce portfolio risk simply by holding instruments which are not perfectly correlated
Go
Pattern Recognition
Use different Pattern Recognition models to time the market across multiple global exchanges
Go
Watchlist Optimization
Optimize watchlists to build efficient portfolio or rebalance existing positions based on mean-variance optimization algorithm
Go
Positions Ratings
Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance
Go
Stock Tickers
Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites
Go
ETF Directory
Find actively traded Exchange Traded Funds (ETF) from around the world
Go
Analyst Recommendations
Analyst recommendations and target price estimates broken down by several categories
Go