Correlation Between Anhui Gujing and G-bits Network
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By analyzing existing cross correlation between Anhui Gujing Distillery and G bits Network Technology, you can compare the effects of market volatilities on Anhui Gujing and G-bits Network 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 Anhui Gujing with a short position of G-bits Network. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and G-bits Network.
Diversification Opportunities for Anhui Gujing and G-bits Network
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Anhui and G-bits is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery 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 Anhui Gujing 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 Anhui Gujing Distillery are associated (or correlated) with G-bits Network. 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 Anhui Gujing i.e., Anhui Gujing and G-bits Network go up and down completely randomly.
Pair Corralation between Anhui Gujing and G-bits Network
Assuming the 90 days trading horizon Anhui Gujing Distillery is expected to generate 1.08 times more return on investment than G-bits Network. However, Anhui Gujing is 1.08 times more volatile than G bits Network Technology. It trades about 0.04 of its potential returns per unit of risk. G bits Network Technology is currently generating about 0.0 per unit of risk. If you would invest 18,631 in Anhui Gujing Distillery on August 31, 2024 and sell it today you would earn a total of 330.00 from holding Anhui Gujing Distillery or generate 1.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Gujing Distillery vs. G bits Network Technology
Performance |
| Timeline |
| Anhui Gujing Distillery |
| G bits Network |
Anhui Gujing and G-bits Network Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Gujing and G-bits Network
The main advantage of trading using opposite Anhui Gujing and G-bits Network positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing position performs unexpectedly, G-bits Network 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 Network will offset losses from the drop in G-bits Network's long position.| Anhui Gujing vs. Lutian Machinery Co | Anhui Gujing vs. PetroChina Co Ltd | Anhui Gujing vs. Bank of China | Anhui Gujing vs. Gansu Jiu Steel |
| G-bits Network vs. Heren Health Co | G-bits Network vs. Tongyu Communication | G-bits Network vs. Allwin Telecommunication Co | G-bits Network vs. Wuhan Yangtze Communication |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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