Correlation Between Shenzhen Hifuture and G Bits
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By analyzing existing cross correlation between Shenzhen Hifuture Electric and G bits Network Technology, you can compare the effects of market volatilities on Shenzhen Hifuture 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 Shenzhen Hifuture with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Hifuture and G Bits.
Diversification Opportunities for Shenzhen Hifuture and G Bits
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Shenzhen and 603444 is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Hifuture Electric 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 Shenzhen Hifuture 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 Shenzhen Hifuture Electric 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 Shenzhen Hifuture i.e., Shenzhen Hifuture and G Bits go up and down completely randomly.
Pair Corralation between Shenzhen Hifuture and G Bits
Assuming the 90 days trading horizon Shenzhen Hifuture Electric is expected to generate 1.19 times more return on investment than G Bits. However, Shenzhen Hifuture is 1.19 times more volatile than G bits Network Technology. It trades about 0.26 of its potential returns per unit of risk. G bits Network Technology is currently generating about -0.03 per unit of risk. If you would invest 238.00 in Shenzhen Hifuture Electric on August 30, 2024 and sell it today you would earn a total of 44.00 from holding Shenzhen Hifuture Electric or generate 18.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Hifuture Electric vs. G bits Network Technology
Performance |
| Timeline |
| Shenzhen Hifuture |
| G bits Network |
Shenzhen Hifuture and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Hifuture and G Bits
The main advantage of trading using opposite Shenzhen Hifuture and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Hifuture 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.| Shenzhen Hifuture vs. Qtone Education Group | Shenzhen Hifuture vs. Allmed Medical Products | Shenzhen Hifuture vs. Blue Sail Medical | Shenzhen Hifuture vs. Cofoe Medical Technology |
| G Bits vs. Harbin Hatou Investment | G Bits vs. JiShi Media Co | G Bits vs. Metro Investment Development | G Bits vs. Zoje Resources 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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