Correlation Between Tianjin Ruixin and G Bits
Specify exactly 2 symbols:
By analyzing existing cross correlation between Tianjin Ruixin Technology and G bits Network Technology, you can compare the effects of market volatilities on Tianjin Ruixin 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 Ruixin with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Ruixin and G Bits.
Diversification Opportunities for Tianjin Ruixin and G Bits
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Tianjin and 603444 is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Ruixin Technology 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 Ruixin 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 Ruixin Technology 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 Ruixin i.e., Tianjin Ruixin and G Bits go up and down completely randomly.
Pair Corralation between Tianjin Ruixin and G Bits
Assuming the 90 days trading horizon Tianjin Ruixin Technology is expected to generate 1.23 times more return on investment than G Bits. However, Tianjin Ruixin is 1.23 times more volatile than G bits Network Technology. It trades about 0.02 of its potential returns per unit of risk. G bits Network Technology is currently generating about -0.02 per unit of risk. If you would invest 1,445 in Tianjin Ruixin Technology on October 16, 2024 and sell it today you would earn a total of 54.00 from holding Tianjin Ruixin Technology or generate 3.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Ruixin Technology vs. G bits Network Technology
Performance |
| Timeline |
| Tianjin Ruixin Technology |
| G bits Network |
Tianjin Ruixin and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Ruixin and G Bits
The main advantage of trading using opposite Tianjin Ruixin and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Ruixin 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 Ruixin vs. Chison Medical Technologies | Tianjin Ruixin vs. Touchstone International Medical | Tianjin Ruixin vs. Guilin Seamild Foods | Tianjin Ruixin vs. Allmed Medical Products |
| G Bits vs. Tianjin Ruixin Technology | G Bits vs. Kuangda Technology Group | G Bits vs. Dymatic Chemicals | G Bits vs. Ningxia Younglight Chemicals |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |