Correlation Between Harbin Hatou and G-bits Network
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By analyzing existing cross correlation between Harbin Hatou Investment and G bits Network Technology, you can compare the effects of market volatilities on Harbin Hatou 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 Harbin Hatou with a short position of G-bits Network. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and G-bits Network.
Diversification Opportunities for Harbin Hatou and G-bits Network
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Harbin and G-bits is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment 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 Harbin Hatou 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 Harbin Hatou Investment 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 Harbin Hatou i.e., Harbin Hatou and G-bits Network go up and down completely randomly.
Pair Corralation between Harbin Hatou and G-bits Network
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to under-perform the G-bits Network. In addition to that, Harbin Hatou is 1.22 times more volatile than G bits Network Technology. It trades about -0.12 of its total potential returns per unit of risk. G bits Network Technology is currently generating about 0.08 per unit of volatility. If you would invest 19,930 in G bits Network Technology on September 2, 2024 and sell it today you would earn a total of 793.00 from holding G bits Network Technology or generate 3.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Hatou Investment vs. G bits Network Technology
Performance |
| Timeline |
| Harbin Hatou Investment |
| G bits Network |
Harbin Hatou and G-bits Network Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and G-bits Network
The main advantage of trading using opposite Harbin Hatou and G-bits Network positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou 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.| Harbin Hatou vs. Fujian Boss Software | Harbin Hatou vs. Jiangxi Naipu Mining | Harbin Hatou vs. Ye Chiu Metal | Harbin Hatou vs. Minmetals Capital Co |
| G-bits Network vs. Innovative Medical Management | G-bits Network vs. China Aluminum International | G-bits Network vs. Tongling Nonferrous Metals | G-bits Network vs. Heilongjiang Transport Development |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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