Correlation Between Hashdex Nasdaq and Valkyrie Bitcoin
Can any of the company-specific risk be diversified away by investing in both Hashdex Nasdaq and Valkyrie Bitcoin 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 Hashdex Nasdaq and Valkyrie Bitcoin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hashdex Nasdaq Crypto and Valkyrie Bitcoin Futures, you can compare the effects of market volatilities on Hashdex Nasdaq and Valkyrie Bitcoin 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 Hashdex Nasdaq with a short position of Valkyrie Bitcoin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hashdex Nasdaq and Valkyrie Bitcoin.
Diversification Opportunities for Hashdex Nasdaq and Valkyrie Bitcoin
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hashdex and Valkyrie is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Hashdex Nasdaq Crypto and Valkyrie Bitcoin Futures in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Valkyrie Bitcoin Futures and Hashdex Nasdaq 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 Hashdex Nasdaq Crypto are associated (or correlated) with Valkyrie Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Valkyrie Bitcoin Futures has no effect on the direction of Hashdex Nasdaq i.e., Hashdex Nasdaq and Valkyrie Bitcoin go up and down completely randomly.
Pair Corralation between Hashdex Nasdaq and Valkyrie Bitcoin
Given the investment horizon of 90 days Hashdex Nasdaq Crypto is expected to generate 0.56 times more return on investment than Valkyrie Bitcoin. However, Hashdex Nasdaq Crypto is 1.78 times less risky than Valkyrie Bitcoin. It trades about 0.09 of its potential returns per unit of risk. Valkyrie Bitcoin Futures is currently generating about 0.03 per unit of risk. If you would invest 2,740 in Hashdex Nasdaq Crypto on May 28, 2025 and sell it today you would earn a total of 310.00 from holding Hashdex Nasdaq Crypto or generate 11.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hashdex Nasdaq Crypto vs. Valkyrie Bitcoin Futures
Performance |
| Timeline |
| Hashdex Nasdaq Crypto |
| Valkyrie Bitcoin Futures |
Hashdex Nasdaq and Valkyrie Bitcoin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hashdex Nasdaq and Valkyrie Bitcoin
The main advantage of trading using opposite Hashdex Nasdaq and Valkyrie Bitcoin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hashdex Nasdaq position performs unexpectedly, Valkyrie Bitcoin 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 Valkyrie Bitcoin will offset losses from the drop in Valkyrie Bitcoin's long position.| Hashdex Nasdaq vs. Grayscale Funds Trust | Hashdex Nasdaq vs. ProShares Trust | Hashdex Nasdaq vs. iShares Ethereum Trust | Hashdex Nasdaq vs. ProShares Trust |
| Valkyrie Bitcoin vs. Grayscale Funds Trust | Valkyrie Bitcoin vs. ProShares Trust | Valkyrie Bitcoin vs. Hashdex Nasdaq Crypto | Valkyrie Bitcoin vs. iShares Ethereum Trust |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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