Correlation Between Nextnav Acquisition and Bitdeer Technologies
Can any of the company-specific risk be diversified away by investing in both Nextnav Acquisition and Bitdeer Technologies 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 Nextnav Acquisition and Bitdeer Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nextnav Acquisition Corp and Bitdeer Technologies Group, you can compare the effects of market volatilities on Nextnav Acquisition and Bitdeer Technologies 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 Nextnav Acquisition with a short position of Bitdeer Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nextnav Acquisition and Bitdeer Technologies.
Diversification Opportunities for Nextnav Acquisition and Bitdeer Technologies
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Nextnav and Bitdeer is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Nextnav Acquisition Corp and Bitdeer Technologies Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bitdeer Technologies and Nextnav Acquisition 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 Nextnav Acquisition Corp are associated (or correlated) with Bitdeer Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitdeer Technologies has no effect on the direction of Nextnav Acquisition i.e., Nextnav Acquisition and Bitdeer Technologies go up and down completely randomly.
Pair Corralation between Nextnav Acquisition and Bitdeer Technologies
Allowing for the 90-day total investment horizon Nextnav Acquisition Corp is expected to under-perform the Bitdeer Technologies. But the stock apears to be less risky and, when comparing its historical volatility, Nextnav Acquisition Corp is 2.21 times less risky than Bitdeer Technologies. The stock trades about -0.1 of its potential returns per unit of risk. The Bitdeer Technologies Group is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,368 in Bitdeer Technologies Group on August 28, 2025 and sell it today you would lose (176.00) from holding Bitdeer Technologies Group or give up 12.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nextnav Acquisition Corp vs. Bitdeer Technologies Group
Performance |
| Timeline |
| Nextnav Acquisition Corp |
| Bitdeer Technologies |
Nextnav Acquisition and Bitdeer Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nextnav Acquisition and Bitdeer Technologies
The main advantage of trading using opposite Nextnav Acquisition and Bitdeer Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nextnav Acquisition position performs unexpectedly, Bitdeer Technologies 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 Bitdeer Technologies will offset losses from the drop in Bitdeer Technologies' long position.| Nextnav Acquisition vs. Orbit Garant Drilling | Nextnav Acquisition vs. Integrated Drilling Equipment | Nextnav Acquisition vs. SD Standard Drilling | Nextnav Acquisition vs. Major Drilling Group |
| Bitdeer Technologies vs. Nissan Chemical | Bitdeer Technologies vs. Spirent Communications plc | Bitdeer Technologies vs. Westlake Chemical Partners | Bitdeer Technologies vs. Mitsui Chemicals ADR |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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