Correlation Between Shenzhen Mindray and G Bits
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By analyzing existing cross correlation between Shenzhen Mindray Bio Medical and G bits Network Technology, you can compare the effects of market volatilities on Shenzhen Mindray 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 Shenzhen Mindray with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Mindray and G Bits.
Diversification Opportunities for Shenzhen Mindray and G Bits
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenzhen and 603444 is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Mindray Bio Medical 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 Shenzhen Mindray 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 Shenzhen Mindray Bio Medical 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 Shenzhen Mindray i.e., Shenzhen Mindray and G Bits go up and down completely randomly.
Pair Corralation between Shenzhen Mindray and G Bits
Assuming the 90 days trading horizon Shenzhen Mindray Bio Medical is expected to generate 0.77 times more return on investment than G Bits. However, Shenzhen Mindray Bio Medical is 1.29 times less risky than G Bits. It trades about -0.08 of its potential returns per unit of risk. G bits Network Technology is currently generating about -0.11 per unit of risk. If you would invest 27,660 in Shenzhen Mindray Bio Medical on August 29, 2024 and sell it today you would lose (1,002) from holding Shenzhen Mindray Bio Medical or give up 3.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Mindray Bio Medical vs. G bits Network Technology
Performance |
| Timeline |
| Shenzhen Mindray Bio |
| G bits Network |
Shenzhen Mindray and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Mindray and G Bits
The main advantage of trading using opposite Shenzhen Mindray and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Mindray 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.| Shenzhen Mindray vs. Xinjiang Baodi Mining | Shenzhen Mindray vs. Huaibei Mining Holdings | Shenzhen Mindray vs. Jilin Chemical Fibre | Shenzhen Mindray vs. Guizhou Chanhen Chemical |
| G Bits vs. Rising Nonferrous Metals | G Bits vs. Suofeiya Home Collection | G Bits vs. Ye Chiu Metal | G Bits vs. Hengli Industrial Development |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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