ELY Correlations
| ELY Crypto | USD 0.10 0.00 0.00% |
The current 90-days correlation between ELY and XRP is 0.08 (i.e., Significant diversification). The correlation of ELY is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
ELY Correlation With Market
Significant diversification
The correlation between ELY and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ELY and DJI in the same portfolio, assuming nothing else is changed. Please note that ELY is a digital instrument and cryptocurrency exchanges were notoriously volatile since the beginning of their establishment.
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The ability to find closely correlated positions to ELY could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ELY when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back ELY - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling ELY to buy it.
Moving against ELY Crypto Coin
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Risk-Adjusted Indicators
There is a big difference between ELY Crypto Coin performing well and ELY Cryptocurrency doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze ELY's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|
| XRP | 4.16 | 2.00 | 0.51 | (4.08) | 2.01 | 16.88 | 31.55 | |||
| SOL | 3.24 | 0.97 | 0.23 | (23.47) | 3.13 | 6.37 | 21.69 | |||
| STETH | 2.72 | 0.54 | 0.15 | 1.28 | 2.72 | 6.48 | 16.67 | |||
| SUI | 5.01 | 2.38 | 0.50 | 4.94 | 3.27 | 15.64 | 28.32 | |||
| TON | 2.79 | 0.37 | 0.06 | (1.28) | 3.19 | 4.82 | 25.61 | |||
| WLD | 5.69 | 1.17 | 0.20 | 1.86 | 5.11 | 14.84 | 33.99 | |||
| XLM | 5.76 | 3.15 | 0.71 | 13.25 | 2.39 | 30.00 | 68.33 | |||
| AVAX | 4.14 | 1.10 | 0.25 | 4.14 | 3.60 | 11.70 | 24.68 | |||
| LINK | 3.57 | 0.74 | 0.16 | 0.90 | 3.95 | 7.73 | 20.95 | |||
| TRX | 2.04 | 0.43 | 0.04 | (1.43) | 2.23 | 6.67 | 28.27 |
ELY Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with ELY crypto coin to make a market-neutral strategy. Peer analysis of ELY could also be used in its relative valuation, which is a method of valuing ELY by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |