Correlation Between Ningbo Ligong and G Bits
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By analyzing existing cross correlation between Ningbo Ligong Online and G bits Network Technology, you can compare the effects of market volatilities on Ningbo Ligong 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 Ningbo Ligong with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Ligong and G Bits.
Diversification Opportunities for Ningbo Ligong and G Bits
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Ningbo and 603444 is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Ligong Online 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 Ningbo Ligong 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 Ningbo Ligong Online 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 Ningbo Ligong i.e., Ningbo Ligong and G Bits go up and down completely randomly.
Pair Corralation between Ningbo Ligong and G Bits
Assuming the 90 days trading horizon Ningbo Ligong Online is expected to generate 0.84 times more return on investment than G Bits. However, Ningbo Ligong Online is 1.19 times less risky than G Bits. It trades about 0.04 of its potential returns per unit of risk. G bits Network Technology is currently generating about -0.02 per unit of risk. If you would invest 974.00 in Ningbo Ligong Online on October 25, 2024 and sell it today you would earn a total of 305.00 from holding Ningbo Ligong Online or generate 31.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Ligong Online vs. G bits Network Technology
Performance |
| Timeline |
| Ningbo Ligong Online |
| G bits Network |
Ningbo Ligong and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Ligong and G Bits
The main advantage of trading using opposite Ningbo Ligong and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Ligong 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.| Ningbo Ligong vs. Kweichow Moutai Co | Ningbo Ligong vs. Contemporary Amperex Technology | Ningbo Ligong vs. Beijing Roborock Technology | Ningbo Ligong vs. BYD Co Ltd |
| G Bits vs. Jiahe Foods Industry | G Bits vs. Fujian Boss Software | G Bits vs. Guangdong Wens Foodstuff | G Bits vs. HaiXin Foods Co |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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