Correlation Between Shandong Iron and G Bits
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shandong Iron and and G bits Network Technology, you can compare the effects of market volatilities on Shandong Iron 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 Shandong Iron with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Iron and G Bits.
Diversification Opportunities for Shandong Iron and G Bits
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shandong and 603444 is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Iron and 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 Shandong Iron 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 Shandong Iron and 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 Shandong Iron i.e., Shandong Iron and G Bits go up and down completely randomly.
Pair Corralation between Shandong Iron and G Bits
Assuming the 90 days trading horizon Shandong Iron and is expected to generate 1.22 times more return on investment than G Bits. However, Shandong Iron is 1.22 times more volatile than G bits Network Technology. It trades about -0.18 of its potential returns per unit of risk. G bits Network Technology is currently generating about -0.25 per unit of risk. If you would invest 151.00 in Shandong Iron and on October 28, 2024 and sell it today you would lose (11.00) from holding Shandong Iron and or give up 7.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Iron and vs. G bits Network Technology
Performance |
| Timeline |
| Shandong Iron |
| G bits Network |
Shandong Iron and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Iron and G Bits
The main advantage of trading using opposite Shandong Iron and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Iron 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.| Shandong Iron vs. Wuhan Yangtze Communication | Shandong Iron vs. Lianhe Chemical Technology | Shandong Iron vs. Yueyang Xingchang Petro Chemical | Shandong Iron vs. Guangxi Wuzhou Communications |
| 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |