Correlation Between Nanxing Furniture and G Bits
Specify exactly 2 symbols:
By analyzing existing cross correlation between Nanxing Furniture Machinery and G bits Network Technology, you can compare the effects of market volatilities on Nanxing Furniture 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 Nanxing Furniture with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanxing Furniture and G Bits.
Diversification Opportunities for Nanxing Furniture and G Bits
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Nanxing and 603444 is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Nanxing Furniture Machinery 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 Nanxing Furniture 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 Nanxing Furniture Machinery 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 Nanxing Furniture i.e., Nanxing Furniture and G Bits go up and down completely randomly.
Pair Corralation between Nanxing Furniture and G Bits
Assuming the 90 days trading horizon Nanxing Furniture Machinery is expected to generate 2.25 times more return on investment than G Bits. However, Nanxing Furniture is 2.25 times more volatile than G bits Network Technology. It trades about 0.19 of its potential returns per unit of risk. G bits Network Technology is currently generating about 0.1 per unit of risk. If you would invest 1,355 in Nanxing Furniture Machinery on September 13, 2024 and sell it today you would earn a total of 313.00 from holding Nanxing Furniture Machinery or generate 23.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nanxing Furniture Machinery vs. G bits Network Technology
Performance |
| Timeline |
| Nanxing Furniture |
| G bits Network |
Nanxing Furniture and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanxing Furniture and G Bits
The main advantage of trading using opposite Nanxing Furniture and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanxing Furniture 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.| Nanxing Furniture vs. Industrial and Commercial | Nanxing Furniture vs. Kweichow Moutai Co | Nanxing Furniture vs. Agricultural Bank of | Nanxing Furniture vs. China Mobile Limited |
| G Bits vs. Hunan Investment Group | G Bits vs. CICC Fund Management | G Bits vs. Zhejiang Construction Investment | G Bits vs. Vanfund Urban Investment |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |