Correlation Between CIMC Vehicles and G Bits
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By analyzing existing cross correlation between CIMC Vehicles Co and G bits Network Technology, you can compare the effects of market volatilities on CIMC Vehicles 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 CIMC Vehicles with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of CIMC Vehicles and G Bits.
Diversification Opportunities for CIMC Vehicles and G Bits
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between CIMC and 603444 is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding CIMC Vehicles Co 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 CIMC Vehicles 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 CIMC Vehicles Co 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 CIMC Vehicles i.e., CIMC Vehicles and G Bits go up and down completely randomly.
Pair Corralation between CIMC Vehicles and G Bits
Assuming the 90 days trading horizon CIMC Vehicles Co is expected to generate 0.87 times more return on investment than G Bits. However, CIMC Vehicles Co is 1.14 times less risky than G Bits. It trades about -0.05 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 1,006 in CIMC Vehicles Co on August 27, 2024 and sell it today you would lose (26.00) from holding CIMC Vehicles Co or give up 2.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CIMC Vehicles Co vs. G bits Network Technology
Performance |
| Timeline |
| CIMC Vehicles |
| G bits Network |
CIMC Vehicles and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CIMC Vehicles and G Bits
The main advantage of trading using opposite CIMC Vehicles and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CIMC Vehicles 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.| CIMC Vehicles vs. Focus Media Information | CIMC Vehicles vs. Chengdu B ray Media | CIMC Vehicles vs. Hengdian Entertainment Co | CIMC Vehicles vs. Oriental Times Media |
| G Bits vs. Fujian Longzhou Transportation | G Bits vs. Sportsoul Co Ltd | G Bits vs. CIMC Vehicles Co | G Bits vs. Eastern Air Logistics |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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