Correlation Between Yili Chuanning and G Bits
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By analyzing existing cross correlation between Yili Chuanning Biotechnology and G bits Network Technology, you can compare the effects of market volatilities on Yili Chuanning 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 Yili Chuanning with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yili Chuanning and G Bits.
Diversification Opportunities for Yili Chuanning and G Bits
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Yili and 603444 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Yili Chuanning Biotechnology 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 Yili Chuanning 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 Yili Chuanning Biotechnology 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 Yili Chuanning i.e., Yili Chuanning and G Bits go up and down completely randomly.
Pair Corralation between Yili Chuanning and G Bits
Assuming the 90 days trading horizon Yili Chuanning Biotechnology is expected to under-perform the G Bits. But the stock apears to be less risky and, when comparing its historical volatility, Yili Chuanning Biotechnology is 1.21 times less risky than G Bits. The stock trades about -0.11 of its potential returns per unit of risk. The G bits Network Technology is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 20,500 in G bits Network Technology on October 28, 2024 and sell it today you would earn a total of 192.00 from holding G bits Network Technology or generate 0.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yili Chuanning Biotechnology vs. G bits Network Technology
Performance |
| Timeline |
| Yili Chuanning Biote |
| G bits Network |
Yili Chuanning and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yili Chuanning and G Bits
The main advantage of trading using opposite Yili Chuanning and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yili Chuanning 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.| Yili Chuanning vs. China Petroleum Chemical | Yili Chuanning vs. PetroChina Co Ltd | Yili Chuanning vs. China State Construction | Yili Chuanning vs. China Railway Group |
| G Bits vs. Epoxy Base Electronic | G Bits vs. Jiangyin Jianghua Microelectronics | G Bits vs. YiDong Electronics Technology | G Bits vs. Integrated Electronic Systems |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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