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
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Beijing and 603444 is 0.36. 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 Brewery is expected to generate 0.96 times more return on investment than G Bits. However, Beijing Yanjing Brewery is 1.04 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 -0.19 per unit of risk. If you would invest 1,136 in Beijing Yanjing Brewery on October 26, 2024 and sell it today you would earn a total of 7.00 from holding Beijing Yanjing Brewery or generate 0.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| 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. Agricultural Bank of | Beijing Yanjing vs. Industrial and Commercial | Beijing Yanjing vs. Bank of China | Beijing Yanjing vs. China Construction Bank |
| G Bits vs. Chongqing Brewery Co | G Bits vs. GigaDevice SemiconductorBeiji | G Bits vs. GRINM Semiconductor Materials | G Bits vs. Beijing Yanjing Brewery |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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