Correlation Between Beijing Yanjing and G Bits
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By analyzing existing cross correlation between Beijing Yanjing Brewery and G bits Network Technology, you can compare the effects of market volatilities on Beijing Yanjing 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 Beijing Yanjing with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Yanjing and G Bits.
Diversification Opportunities for Beijing Yanjing and G Bits
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Beijing and 603444 is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Yanjing Brewery 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 Beijing Yanjing 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 Beijing Yanjing Brewery 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 Beijing Yanjing i.e., Beijing Yanjing and G Bits go up and down completely randomly.
Pair Corralation between Beijing Yanjing and G Bits
Assuming the 90 days trading horizon Beijing Yanjing is expected to generate 1.13 times less return on investment than G Bits. But when comparing it to its historical volatility, Beijing Yanjing Brewery is 1.44 times less risky than G Bits. It trades about 0.06 of its potential returns per unit of risk. G bits Network Technology is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 19,498 in G bits Network Technology on September 3, 2024 and sell it today you would earn a total of 1,225 from holding G bits Network Technology or generate 6.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Yanjing Brewery vs. G bits Network Technology
Performance |
| Timeline |
| Beijing Yanjing Brewery |
| G bits Network |
Beijing Yanjing and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Yanjing and G Bits
The main advantage of trading using opposite Beijing Yanjing and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Yanjing 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.| Beijing Yanjing vs. CITIC Guoan Information | Beijing Yanjing vs. State Grid InformationCommunication | Beijing Yanjing vs. Guosheng Financial Holding | Beijing Yanjing vs. Invengo Information Technology |
| G Bits vs. Duzhe Publishing Media | G Bits vs. JiShi Media Co | G Bits vs. Beijing Yanjing Brewery | G Bits vs. Integrated Electronic Systems |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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