Correlation Between Guangzhou Haige and G-bits Network
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By analyzing existing cross correlation between Guangzhou Haige Communications and G bits Network Technology, you can compare the effects of market volatilities on Guangzhou Haige and G-bits Network 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 Guangzhou Haige with a short position of G-bits Network. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Haige and G-bits Network.
Diversification Opportunities for Guangzhou Haige and G-bits Network
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Guangzhou and G-bits is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Haige Communications 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 Guangzhou Haige 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 Guangzhou Haige Communications are associated (or correlated) with G-bits Network. 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 Guangzhou Haige i.e., Guangzhou Haige and G-bits Network go up and down completely randomly.
Pair Corralation between Guangzhou Haige and G-bits Network
Assuming the 90 days trading horizon Guangzhou Haige Communications is expected to under-perform the G-bits Network. In addition to that, Guangzhou Haige is 2.05 times more volatile than G bits Network Technology. It trades about -0.04 of its total potential returns per unit of risk. G bits Network Technology is currently generating about -0.08 per unit of volatility. If you would invest 20,998 in G bits Network Technology on November 3, 2024 and sell it today you would lose (348.00) from holding G bits Network Technology or give up 1.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Haige Communications vs. G bits Network Technology
Performance |
| Timeline |
| Guangzhou Haige Comm |
| G bits Network |
Guangzhou Haige and G-bits Network Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Haige and G-bits Network
The main advantage of trading using opposite Guangzhou Haige and G-bits Network positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Haige position performs unexpectedly, G-bits Network 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 Network will offset losses from the drop in G-bits Network's long position.| Guangzhou Haige vs. Industrial and Commercial | Guangzhou Haige vs. Kweichow Moutai Co | Guangzhou Haige vs. Agricultural Bank of | Guangzhou Haige vs. China Mobile Limited |
| G-bits Network vs. Huizhou Speed Wireless | G-bits Network vs. AUPU Home Style | G-bits Network vs. Queclink Wireless Solutions | G-bits Network vs. Quectel Wireless Solutions |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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