Correlation Between Zhejiang Construction and G Bits
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By analyzing existing cross correlation between Zhejiang Construction Investment and G bits Network Technology, you can compare the effects of market volatilities on Zhejiang Construction 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 Zhejiang Construction with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Construction and G Bits.
Diversification Opportunities for Zhejiang Construction and G Bits
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Zhejiang and 603444 is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Construction Investme 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 Zhejiang Construction 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 Zhejiang Construction Investment 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 Zhejiang Construction i.e., Zhejiang Construction and G Bits go up and down completely randomly.
Pair Corralation between Zhejiang Construction and G Bits
Assuming the 90 days trading horizon Zhejiang Construction Investment is expected to generate 2.04 times more return on investment than G Bits. However, Zhejiang Construction is 2.04 times more volatile than G bits Network Technology. It trades about 0.13 of its potential returns per unit of risk. G bits Network Technology is currently generating about 0.07 per unit of risk. If you would invest 948.00 in Zhejiang Construction Investment on September 14, 2024 and sell it today you would earn a total of 111.00 from holding Zhejiang Construction Investment or generate 11.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Zhejiang Construction Investme vs. G bits Network Technology
Performance |
| Timeline |
| Zhejiang Construction |
| G bits Network |
Zhejiang Construction and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Construction and G Bits
The main advantage of trading using opposite Zhejiang Construction and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Construction 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.| Zhejiang Construction vs. Sinomach General Machinery | Zhejiang Construction vs. Qijing Machinery | Zhejiang Construction vs. Hangzhou Pinming Software | Zhejiang Construction vs. Panda Financial Holding |
| G Bits vs. Invengo Information Technology | G Bits vs. GRINM Semiconductor Materials | G Bits vs. GigaDevice SemiconductorBeiji | G Bits vs. Guangzhou Dongfang Hotel |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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