Correlation Between NAURA Technology and G Bits
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By analyzing existing cross correlation between NAURA Technology Group and G bits Network Technology, you can compare the effects of market volatilities on NAURA Technology 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 NAURA Technology with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and G Bits.
Diversification Opportunities for NAURA Technology and G Bits
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between NAURA and 603444 is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group 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 NAURA Technology 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 NAURA Technology Group 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 NAURA Technology i.e., NAURA Technology and G Bits go up and down completely randomly.
Pair Corralation between NAURA Technology and G Bits
Assuming the 90 days trading horizon NAURA Technology Group is expected to generate 1.38 times more return on investment than G Bits. However, NAURA Technology is 1.38 times more volatile than G bits Network Technology. It trades about 0.15 of its potential returns per unit of risk. G bits Network Technology is currently generating about -0.11 per unit of risk. If you would invest 38,450 in NAURA Technology Group on August 27, 2024 and sell it today you would earn a total of 3,803 from holding NAURA Technology Group or generate 9.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
NAURA Technology Group vs. G bits Network Technology
Performance |
| Timeline |
| NAURA Technology |
| G bits Network |
NAURA Technology and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and G Bits
The main advantage of trading using opposite NAURA Technology and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology 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.| NAURA Technology vs. Biwin Storage Technology | NAURA Technology vs. PetroChina Co Ltd | NAURA Technology vs. Industrial and Commercial | NAURA Technology vs. China Construction Bank |
| G Bits vs. Shanghai Zhangjiang Hi Tech | G Bits vs. Guangzhou Haige Communications | G Bits vs. Fujian Newland Computer | G Bits vs. Fiberhome Telecommunication Technologies |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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