Correlation Between Healthcare Special and Bitcoin Fund
Can any of the company-specific risk be diversified away by investing in both Healthcare Special and Bitcoin Fund 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 Healthcare Special and Bitcoin Fund into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Healthcare Special Opportunities and Bitcoin Fund Unit, you can compare the effects of market volatilities on Healthcare Special and Bitcoin Fund 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 Healthcare Special with a short position of Bitcoin Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Healthcare Special and Bitcoin Fund.
Diversification Opportunities for Healthcare Special and Bitcoin Fund
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Healthcare and Bitcoin is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Healthcare Special Opportuniti and Bitcoin Fund Unit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bitcoin Fund Unit and Healthcare Special 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 Healthcare Special Opportunities are associated (or correlated) with Bitcoin Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitcoin Fund Unit has no effect on the direction of Healthcare Special i.e., Healthcare Special and Bitcoin Fund go up and down completely randomly.
Pair Corralation between Healthcare Special and Bitcoin Fund
Assuming the 90 days trading horizon Healthcare Special Opportunities is expected to generate 1.13 times more return on investment than Bitcoin Fund. However, Healthcare Special is 1.13 times more volatile than Bitcoin Fund Unit. It trades about 0.04 of its potential returns per unit of risk. Bitcoin Fund Unit is currently generating about -0.12 per unit of risk. If you would invest 1,100 in Healthcare Special Opportunities on August 18, 2025 and sell it today you would earn a total of 25.00 from holding Healthcare Special Opportunities or generate 2.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 48.44% |
| Values | Daily Returns |
Healthcare Special Opportuniti vs. Bitcoin Fund Unit
Performance |
| Timeline |
| Healthcare Special |
| Bitcoin Fund Unit |
Healthcare Special and Bitcoin Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Healthcare Special and Bitcoin Fund
The main advantage of trading using opposite Healthcare Special and Bitcoin Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Healthcare Special position performs unexpectedly, Bitcoin Fund 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 Bitcoin Fund will offset losses from the drop in Bitcoin Fund's long position.| Healthcare Special vs. Citadel Income | Healthcare Special vs. Commerce Split Corp | Healthcare Special vs. Canadian Large Cap | Healthcare Special vs. Energy Income |
| Bitcoin Fund vs. Healthcare Special Opportunities | Bitcoin Fund vs. Citadel Income | Bitcoin Fund vs. Commerce Split Corp | Bitcoin Fund vs. Brookfield Global Infrastructure |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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