Correlation Between Galaxy Digital and Snipp Interactive
Can any of the company-specific risk be diversified away by investing in both Galaxy Digital and Snipp Interactive 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 Galaxy Digital and Snipp Interactive into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Galaxy Digital Holdings and Snipp Interactive, you can compare the effects of market volatilities on Galaxy Digital and Snipp Interactive 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 Galaxy Digital with a short position of Snipp Interactive. Check out your portfolio center. Please also check ongoing floating volatility patterns of Galaxy Digital and Snipp Interactive.
Diversification Opportunities for Galaxy Digital and Snipp Interactive
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Galaxy and Snipp is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Galaxy Digital Holdings and Snipp Interactive in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Snipp Interactive and Galaxy Digital 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 Galaxy Digital Holdings are associated (or correlated) with Snipp Interactive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Snipp Interactive has no effect on the direction of Galaxy Digital i.e., Galaxy Digital and Snipp Interactive go up and down completely randomly.
Pair Corralation between Galaxy Digital and Snipp Interactive
Assuming the 90 days trading horizon Galaxy Digital Holdings is expected to generate 0.92 times more return on investment than Snipp Interactive. However, Galaxy Digital Holdings is 1.09 times less risky than Snipp Interactive. It trades about 0.1 of its potential returns per unit of risk. Snipp Interactive is currently generating about -0.07 per unit of risk. If you would invest 2,540 in Galaxy Digital Holdings on June 2, 2025 and sell it today you would earn a total of 688.00 from holding Galaxy Digital Holdings or generate 27.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Galaxy Digital Holdings vs. Snipp Interactive
Performance |
| Timeline |
| Galaxy Digital Holdings |
| Snipp Interactive |
Galaxy Digital and Snipp Interactive Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Galaxy Digital and Snipp Interactive
The main advantage of trading using opposite Galaxy Digital and Snipp Interactive positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Galaxy Digital position performs unexpectedly, Snipp Interactive 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 Snipp Interactive will offset losses from the drop in Snipp Interactive's long position.| Galaxy Digital vs. Hut 8 Mining | Galaxy Digital vs. Bitfarms | Galaxy Digital vs. HIVE Digital Technologies | Galaxy Digital vs. Hut 8 Corp |
| Snipp Interactive vs. EQ Inc | Snipp Interactive vs. illumin Holdings | Snipp Interactive vs. Reklaim | Snipp Interactive vs. Qyou Media |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Global Correlations Find global opportunities by holding instruments from different markets |