Correlation Between Jiangxi Naipu and G Bits
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangxi Naipu Mining and G bits Network Technology, you can compare the effects of market volatilities on Jiangxi Naipu 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 Jiangxi Naipu with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi Naipu and G Bits.
Diversification Opportunities for Jiangxi Naipu and G Bits
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jiangxi and 603444 is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Naipu Mining 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 Jiangxi Naipu 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 Jiangxi Naipu Mining 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 Jiangxi Naipu i.e., Jiangxi Naipu and G Bits go up and down completely randomly.
Pair Corralation between Jiangxi Naipu and G Bits
Assuming the 90 days trading horizon Jiangxi Naipu Mining is expected to generate 0.99 times more return on investment than G Bits. However, Jiangxi Naipu Mining is 1.01 times less risky than G Bits. It trades about -0.02 of its potential returns per unit of risk. G bits Network Technology is currently generating about -0.05 per unit of risk. If you would invest 2,750 in Jiangxi Naipu Mining on October 14, 2024 and sell it today you would lose (145.00) from holding Jiangxi Naipu Mining or give up 5.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangxi Naipu Mining vs. G bits Network Technology
Performance |
| Timeline |
| Jiangxi Naipu Mining |
| G bits Network |
Jiangxi Naipu and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi Naipu and G Bits
The main advantage of trading using opposite Jiangxi Naipu and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi Naipu 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.| Jiangxi Naipu vs. Sunny Loan Top | Jiangxi Naipu vs. Servyou Software Group | Jiangxi Naipu vs. Inspur Software Co | Jiangxi Naipu vs. China National Software |
| 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Stocks Directory Find actively traded stocks across global markets | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |