Correlation Between Hubeiyichang Transportation and G Bits
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By analyzing existing cross correlation between Hubeiyichang Transportation Group and G bits Network Technology, you can compare the effects of market volatilities on Hubeiyichang Transportation 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 Hubeiyichang Transportation with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hubeiyichang Transportation and G Bits.
Diversification Opportunities for Hubeiyichang Transportation and G Bits
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hubeiyichang and 603444 is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Hubeiyichang Transportation Gr 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 Hubeiyichang Transportation 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 Hubeiyichang Transportation 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 Hubeiyichang Transportation i.e., Hubeiyichang Transportation and G Bits go up and down completely randomly.
Pair Corralation between Hubeiyichang Transportation and G Bits
Assuming the 90 days trading horizon Hubeiyichang Transportation Group is expected to generate 0.56 times more return on investment than G Bits. However, Hubeiyichang Transportation Group is 1.78 times less risky than G Bits. It trades about 0.26 of its potential returns per unit of risk. G bits Network Technology is currently generating about 0.06 per unit of risk. If you would invest 508.00 in Hubeiyichang Transportation Group on September 5, 2024 and sell it today you would earn a total of 42.00 from holding Hubeiyichang Transportation Group or generate 8.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hubeiyichang Transportation Gr vs. G bits Network Technology
Performance |
| Timeline |
| Hubeiyichang Transportation |
| G bits Network |
Hubeiyichang Transportation and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hubeiyichang Transportation and G Bits
The main advantage of trading using opposite Hubeiyichang Transportation and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hubeiyichang Transportation 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.| Hubeiyichang Transportation vs. Ming Yang Smart | Hubeiyichang Transportation vs. 159681 | Hubeiyichang Transportation vs. 159005 | Hubeiyichang Transportation vs. Loctek Ergonomic Technology |
| G Bits vs. Hainan Haiqi Transportation | G Bits vs. Hubeiyichang Transportation Group | G Bits vs. Dazhong Transportation Group | G Bits vs. Cultural Investment Holdings |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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