Digi Power Correlations

Stocks . USA . 
Stock . Digi Power X
DGXX Stock   3.67  0.34  10.21%   
The current 90-days correlation between Digi Power X and Sphere 3D Corp is 0.24 (i.e., Modest diversification). The correlation of Digi Power 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Digi Power Correlation With Market

Modest diversification

The correlation between Digi Power X and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Digi Power X and DJI in the same portfolio, assuming nothing else is changed.
  
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Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Digi Power X. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with Digi Stock

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Moving against Digi Stock

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Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
IREN
+ 0.97
CIFR
WULF
+ 0.92
CIFR
WULF
+ 0.91
IREN
BTDR
+ 0.88
ANY
WULF
+ 0.66
BTDR
MIGI
+ 0.53
ANY
  
High negative correlations   
PAYD
- 0.76
CIFR
PAYD
- 0.71
IREN
WULF
- 0.62
PAYD
PAYD
- 0.28
BTDR
MIGI
- 0.2
IREN
PAYD
- 0.09
ANY

Risk-Adjusted Indicators

There is a big difference between Digi Stock performing well and Digi Power Company 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 Digi Power'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.

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