Correlation Between CleanSpark and Mitsui Chemicals
Can any of the company-specific risk be diversified away by investing in both CleanSpark and Mitsui Chemicals 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 CleanSpark and Mitsui Chemicals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CleanSpark and Mitsui Chemicals ADR, you can compare the effects of market volatilities on CleanSpark and Mitsui Chemicals 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 CleanSpark with a short position of Mitsui Chemicals. Check out your portfolio center. Please also check ongoing floating volatility patterns of CleanSpark and Mitsui Chemicals.
Diversification Opportunities for CleanSpark and Mitsui Chemicals
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between CleanSpark and Mitsui is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding CleanSpark and Mitsui Chemicals ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mitsui Chemicals ADR and CleanSpark 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 CleanSpark are associated (or correlated) with Mitsui Chemicals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mitsui Chemicals ADR has no effect on the direction of CleanSpark i.e., CleanSpark and Mitsui Chemicals go up and down completely randomly.
Pair Corralation between CleanSpark and Mitsui Chemicals
Given the investment horizon of 90 days CleanSpark is expected to generate 5.7 times more return on investment than Mitsui Chemicals. However, CleanSpark is 5.7 times more volatile than Mitsui Chemicals ADR. It trades about 0.17 of its potential returns per unit of risk. Mitsui Chemicals ADR is currently generating about 0.17 per unit of risk. If you would invest 1,239 in CleanSpark on July 20, 2025 and sell it today you would earn a total of 713.00 from holding CleanSpark or generate 57.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CleanSpark vs. Mitsui Chemicals ADR
Performance |
| Timeline |
| CleanSpark |
| Mitsui Chemicals ADR |
CleanSpark and Mitsui Chemicals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CleanSpark and Mitsui Chemicals
The main advantage of trading using opposite CleanSpark and Mitsui Chemicals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CleanSpark position performs unexpectedly, Mitsui Chemicals 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 Mitsui Chemicals will offset losses from the drop in Mitsui Chemicals' long position.| CleanSpark vs. StubHub Holdings, | CleanSpark vs. Cirrus Logic | CleanSpark vs. Webull Corp | CleanSpark vs. Clearwater Analytics Holdings |
| Mitsui Chemicals vs. Arkema SA | Mitsui Chemicals vs. Arkema SA ADR | Mitsui Chemicals vs. Croda International PLC | Mitsui Chemicals vs. Johnson Matthey Plc |
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 the Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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