Correlation Between Jiangyin Jianghua and G-bits Network
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By analyzing existing cross correlation between Jiangyin Jianghua Microelectronics and G bits Network Technology, you can compare the effects of market volatilities on Jiangyin Jianghua 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 Jiangyin Jianghua with a short position of G-bits Network. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangyin Jianghua and G-bits Network.
Diversification Opportunities for Jiangyin Jianghua and G-bits Network
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Jiangyin and G-bits is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Jiangyin Jianghua Microelectro 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 Jiangyin Jianghua 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 Jiangyin Jianghua Microelectronics 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 Jiangyin Jianghua i.e., Jiangyin Jianghua and G-bits Network go up and down completely randomly.
Pair Corralation between Jiangyin Jianghua and G-bits Network
Assuming the 90 days trading horizon Jiangyin Jianghua Microelectronics is expected to generate 1.78 times more return on investment than G-bits Network. However, Jiangyin Jianghua is 1.78 times more volatile than G bits Network Technology. It trades about 0.02 of its potential returns per unit of risk. G bits Network Technology is currently generating about -0.02 per unit of risk. If you would invest 1,592 in Jiangyin Jianghua Microelectronics on November 6, 2024 and sell it today you would earn a total of 9.00 from holding Jiangyin Jianghua Microelectronics or generate 0.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangyin Jianghua Microelectro vs. G bits Network Technology
Performance |
| Timeline |
| Jiangyin Jianghua |
| G bits Network |
Jiangyin Jianghua and G-bits Network Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangyin Jianghua and G-bits Network
The main advantage of trading using opposite Jiangyin Jianghua and G-bits Network positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangyin Jianghua 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.| Jiangyin Jianghua vs. Western Metal Materials | Jiangyin Jianghua vs. Dongnan Electronics Co | Jiangyin Jianghua vs. Weihai Honglin Electronic | Jiangyin Jianghua vs. Dongguan Tarry Electronics |
| G-bits Network vs. China Satellite Communications | G-bits Network vs. Eastern Communications Co | G-bits Network vs. Tongyu Communication | G-bits Network vs. Guangzhou KDT Machinery |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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