Correlation Between China Marine and G Bits
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By analyzing existing cross correlation between China Marine Information and G bits Network Technology, you can compare the effects of market volatilities on China Marine 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 China Marine with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Marine and G Bits.
Diversification Opportunities for China Marine and G Bits
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between China and 603444 is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding China Marine Information 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 China Marine 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 China Marine Information 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 China Marine i.e., China Marine and G Bits go up and down completely randomly.
Pair Corralation between China Marine and G Bits
Assuming the 90 days trading horizon China Marine Information is expected to generate 1.96 times more return on investment than G Bits. However, China Marine is 1.96 times more volatile than G bits Network Technology. It trades about 0.01 of its potential returns per unit of risk. G bits Network Technology is currently generating about -0.04 per unit of risk. If you would invest 2,609 in China Marine Information on October 18, 2024 and sell it today you would lose (18.00) from holding China Marine Information or give up 0.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Marine Information vs. G bits Network Technology
Performance |
| Timeline |
| China Marine Information |
| G bits Network |
China Marine and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Marine and G Bits
The main advantage of trading using opposite China Marine and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Marine 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.| China Marine vs. Ligao Foods CoLtd | China Marine vs. Anji Foodstuff Co | China Marine vs. Shanghai Ziyan Foods | China Marine vs. JuneYao Dairy Co |
| G Bits vs. Rising Nonferrous Metals | G Bits vs. Jiaozuo Wanfang Aluminum | G Bits vs. Ningbo Construction Co | G Bits vs. Guangdong Jingyi Metal |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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