Correlation Between Shengda Mining and G Bits
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shengda Mining Co and G bits Network Technology, you can compare the effects of market volatilities on Shengda Mining 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 Shengda Mining with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shengda Mining and G Bits.
Diversification Opportunities for Shengda Mining and G Bits
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shengda and 603444 is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Shengda Mining Co 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 Shengda Mining 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 Shengda Mining Co 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 Shengda Mining i.e., Shengda Mining and G Bits go up and down completely randomly.
Pair Corralation between Shengda Mining and G Bits
Assuming the 90 days trading horizon Shengda Mining Co is expected to generate 0.94 times more return on investment than G Bits. However, Shengda Mining Co is 1.06 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 -0.05 per unit of risk. If you would invest 1,323 in Shengda Mining Co on October 14, 2024 and sell it today you would lose (75.00) from holding Shengda Mining Co or give up 5.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.46% |
| Values | Daily Returns |
Shengda Mining Co vs. G bits Network Technology
Performance |
| Timeline |
| Shengda Mining |
| G bits Network |
Shengda Mining and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shengda Mining and G Bits
The main advantage of trading using opposite Shengda Mining and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shengda Mining 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.| Shengda Mining vs. Zijin Mining Group | Shengda Mining vs. Wanhua Chemical Group | Shengda Mining vs. Baoshan Iron Steel | Shengda Mining vs. Shandong Gold Mining |
| G Bits vs. Western Metal Materials | G Bits vs. Yili Chuanning Biotechnology | G Bits vs. Shandong Hongchuang Aluminum | G Bits vs. Ye Chiu Metal |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |