Correlation Between Hainan Haiqi and G Bits
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By analyzing existing cross correlation between Hainan Haiqi Transportation and G bits Network Technology, you can compare the effects of market volatilities on Hainan Haiqi 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 Hainan Haiqi with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and G Bits.
Diversification Opportunities for Hainan Haiqi and G Bits
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Hainan and 603444 is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation 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 Hainan Haiqi 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 Hainan Haiqi Transportation 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 Hainan Haiqi i.e., Hainan Haiqi and G Bits go up and down completely randomly.
Pair Corralation between Hainan Haiqi and G Bits
Assuming the 90 days trading horizon Hainan Haiqi Transportation is expected to generate 1.38 times more return on investment than G Bits. However, Hainan Haiqi is 1.38 times more volatile than G bits Network Technology. It trades about 0.17 of its potential returns per unit of risk. G bits Network Technology is currently generating about 0.06 per unit of risk. If you would invest 1,931 in Hainan Haiqi Transportation on September 5, 2024 and sell it today you would earn a total of 241.00 from holding Hainan Haiqi Transportation or generate 12.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Haiqi Transportation vs. G bits Network Technology
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| G bits Network |
Hainan Haiqi and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and G Bits
The main advantage of trading using opposite Hainan Haiqi and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi 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.| Hainan Haiqi vs. Xiwang Foodstuffs Co | Hainan Haiqi vs. Ningbo Ligong Online | Hainan Haiqi vs. Pengxin International Mining | Hainan Haiqi vs. V V Food |
| G Bits vs. Hainan Haiqi Transportation | G Bits vs. Hubeiyichang Transportation Group | G Bits vs. Dazhong Transportation Group | G Bits vs. Cultural Investment Holdings |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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