Correlation Between Hunan Investment and G Bits
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By analyzing existing cross correlation between Hunan Investment Group and G bits Network Technology, you can compare the effects of market volatilities on Hunan Investment and G Bits 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 Hunan Investment with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan Investment and G Bits.
Diversification Opportunities for Hunan Investment and G Bits
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Hunan and 603444 is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Hunan Investment Group and G bits Network Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on G bits Network and Hunan Investment 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 Hunan Investment Group are associated (or correlated) with G Bits. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of G bits Network has no effect on the direction of Hunan Investment i.e., Hunan Investment and G Bits go up and down completely randomly.
Pair Corralation between Hunan Investment and G Bits
Assuming the 90 days trading horizon Hunan Investment Group is expected to generate 0.85 times more return on investment than G Bits. However, Hunan Investment Group is 1.18 times less risky than G Bits. It trades about 0.03 of its potential returns per unit of risk. G bits Network Technology is currently generating about -0.01 per unit of risk. If you would invest 516.00 in Hunan Investment Group on September 13, 2024 and sell it today you would earn a total of 89.00 from holding Hunan Investment Group or generate 17.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan Investment Group vs. G bits Network Technology
Performance |
| Timeline |
| Hunan Investment |
| G bits Network |
Hunan Investment and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan Investment and G Bits
The main advantage of trading using opposite Hunan Investment and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan Investment position performs unexpectedly, G Bits 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 G Bits will offset losses from the drop in G Bits' long position.| Hunan Investment vs. Kweichow Moutai Co | Hunan Investment vs. Jiangsu Pacific Quartz | Hunan Investment vs. Shenzhen Transsion Holdings | Hunan Investment vs. Beijing Roborock Technology |
| G Bits vs. Hunan Investment Group | G Bits vs. CICC Fund Management | G Bits vs. Zhejiang Construction Investment | G Bits vs. Vanfund Urban Investment |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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