Correlation Between Penyao Environmental and G Bits
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By analyzing existing cross correlation between Penyao Environmental Protection and G bits Network Technology, you can compare the effects of market volatilities on Penyao Environmental 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 Penyao Environmental with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Penyao Environmental and G Bits.
Diversification Opportunities for Penyao Environmental and G Bits
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Penyao and 603444 is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Penyao Environmental Protectio 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 Penyao Environmental 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 Penyao Environmental Protection 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 Penyao Environmental i.e., Penyao Environmental and G Bits go up and down completely randomly.
Pair Corralation between Penyao Environmental and G Bits
Assuming the 90 days trading horizon Penyao Environmental Protection is expected to under-perform the G Bits. In addition to that, Penyao Environmental is 1.56 times more volatile than G bits Network Technology. It trades about -0.35 of its total potential returns per unit of risk. G bits Network Technology is currently generating about -0.25 per unit of volatility. If you would invest 22,460 in G bits Network Technology on October 28, 2024 and sell it today you would lose (1,768) from holding G bits Network Technology or give up 7.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Penyao Environmental Protectio vs. G bits Network Technology
Performance |
| Timeline |
| Penyao Environmental |
| G bits Network |
Penyao Environmental and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Penyao Environmental and G Bits
The main advantage of trading using opposite Penyao Environmental and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Penyao Environmental 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.| Penyao Environmental vs. China Petroleum Chemical | Penyao Environmental vs. PetroChina Co Ltd | Penyao Environmental vs. China State Construction | Penyao Environmental vs. China Railway Group |
| G Bits vs. Epoxy Base Electronic | G Bits vs. Jiangyin Jianghua Microelectronics | G Bits vs. YiDong Electronics Technology | G Bits vs. Integrated Electronic Systems |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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