Correlation Between YiDong Electronics and G-bits Network
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By analyzing existing cross correlation between YiDong Electronics Technology and G bits Network Technology, you can compare the effects of market volatilities on YiDong Electronics and G-bits Network 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 YiDong Electronics with a short position of G-bits Network. Check out your portfolio center. Please also check ongoing floating volatility patterns of YiDong Electronics and G-bits Network.
Diversification Opportunities for YiDong Electronics and G-bits Network
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between YiDong and G-bits is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding YiDong Electronics 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 YiDong Electronics 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 YiDong Electronics Technology are associated (or correlated) with G-bits Network. 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 YiDong Electronics i.e., YiDong Electronics and G-bits Network go up and down completely randomly.
Pair Corralation between YiDong Electronics and G-bits Network
Assuming the 90 days trading horizon YiDong Electronics Technology is expected to generate 2.04 times more return on investment than G-bits Network. However, YiDong Electronics is 2.04 times more volatile than G bits Network Technology. It trades about 0.07 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 1,909 in YiDong Electronics Technology on November 6, 2024 and sell it today you would earn a total of 236.00 from holding YiDong Electronics Technology or generate 12.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
YiDong Electronics Technology vs. G bits Network Technology
Performance |
| Timeline |
| YiDong Electronics |
| G bits Network |
YiDong Electronics and G-bits Network Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YiDong Electronics and G-bits Network
The main advantage of trading using opposite YiDong Electronics and G-bits Network positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YiDong Electronics position performs unexpectedly, G-bits Network 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 Network will offset losses from the drop in G-bits Network's long position.| YiDong Electronics vs. Senci Electric Machinery | YiDong Electronics vs. Hainan Haiqi Transportation | YiDong Electronics vs. Lutian Machinery Co | YiDong Electronics vs. Hangzhou Zhongya Machinery |
| G-bits Network vs. China Satellite Communications | G-bits Network vs. Eastern Communications Co | G-bits Network vs. Tongyu Communication | G-bits Network vs. Guangzhou KDT Machinery |
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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