Correlation Between Tianjin Pengling and G Bits
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By analyzing existing cross correlation between Tianjin Pengling Rubber and G bits Network Technology, you can compare the effects of market volatilities on Tianjin Pengling 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 Tianjin Pengling with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Pengling and G Bits.
Diversification Opportunities for Tianjin Pengling and G Bits
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Tianjin and 603444 is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Pengling Rubber 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 Tianjin Pengling 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 Tianjin Pengling Rubber 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 Tianjin Pengling i.e., Tianjin Pengling and G Bits go up and down completely randomly.
Pair Corralation between Tianjin Pengling and G Bits
Assuming the 90 days trading horizon Tianjin Pengling Rubber is expected to under-perform the G Bits. In addition to that, Tianjin Pengling is 1.07 times more volatile than G bits Network Technology. It trades about -0.06 of its total potential returns per unit of risk. G bits Network Technology is currently generating about -0.05 per unit of volatility. If you would invest 22,983 in G bits Network Technology on October 14, 2024 and sell it today you would lose (2,203) from holding G bits Network Technology or give up 9.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Pengling Rubber vs. G bits Network Technology
Performance |
| Timeline |
| Tianjin Pengling Rubber |
| G bits Network |
Tianjin Pengling and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Pengling and G Bits
The main advantage of trading using opposite Tianjin Pengling and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Pengling 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.| Tianjin Pengling vs. Smartgiant Technology Co | Tianjin Pengling vs. Tianshui Huatian Technology | Tianjin Pengling vs. Iat Automobile Technology | Tianjin Pengling vs. Sinofibers Technology Co |
| G Bits vs. Western Metal Materials | G Bits vs. Yili Chuanning Biotechnology | G Bits vs. Shandong Hongchuang Aluminum | G Bits vs. Ye Chiu Metal |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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