Correlation Between Innovative Medical and G Bits
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By analyzing existing cross correlation between Innovative Medical Management and G bits Network Technology, you can compare the effects of market volatilities on Innovative Medical 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 Innovative Medical with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Innovative Medical and G Bits.
Diversification Opportunities for Innovative Medical and G Bits
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Innovative and 603444 is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Innovative Medical Management 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 Innovative Medical 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 Innovative Medical Management 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 Innovative Medical i.e., Innovative Medical and G Bits go up and down completely randomly.
Pair Corralation between Innovative Medical and G Bits
Assuming the 90 days trading horizon Innovative Medical Management is expected to generate 1.15 times more return on investment than G Bits. However, Innovative Medical is 1.15 times more volatile than G bits Network Technology. It trades about 0.08 of its potential returns per unit of risk. G bits Network Technology is currently generating about 0.04 per unit of risk. If you would invest 715.00 in Innovative Medical Management on September 3, 2024 and sell it today you would earn a total of 202.00 from holding Innovative Medical Management or generate 28.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Innovative Medical Management vs. G bits Network Technology
Performance |
| Timeline |
| Innovative Medical |
| G bits Network |
Innovative Medical and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Innovative Medical and G Bits
The main advantage of trading using opposite Innovative Medical and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Innovative Medical 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.| Innovative Medical vs. Chengdu Kanghua Biological | Innovative Medical vs. Beijing Wantai Biological | Innovative Medical vs. Suzhou Novoprotein Scientific | Innovative Medical vs. Aluminum Corp of |
| 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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