Correlation Between G Bits and Xian International
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By analyzing existing cross correlation between G bits Network Technology and Xian International Medical, you can compare the effects of market volatilities on G Bits and Xian International 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 G Bits with a short position of Xian International. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Xian International.
Diversification Opportunities for G Bits and Xian International
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 603444 and Xian is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Xian International Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xian International and G Bits 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 G bits Network Technology are associated (or correlated) with Xian International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xian International has no effect on the direction of G Bits i.e., G Bits and Xian International go up and down completely randomly.
Pair Corralation between G Bits and Xian International
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Xian International. But the stock apears to be less risky and, when comparing its historical volatility, G bits Network Technology is 1.64 times less risky than Xian International. The stock trades about -0.11 of its potential returns per unit of risk. The Xian International Medical is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 559.00 in Xian International Medical on August 28, 2024 and sell it today you would earn a total of 10.00 from holding Xian International Medical or generate 1.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Xian International Medical
Performance |
| Timeline |
| G bits Network |
| Xian International |
G Bits and Xian International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Xian International
The main advantage of trading using opposite G Bits and Xian International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Xian International 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 Xian International will offset losses from the drop in Xian International's long position.| G Bits vs. Jiangsu Financial Leasing | G Bits vs. Dhc Software Co | G Bits vs. Xinke Material | G Bits vs. Cangzhou Mingzhu Plastic |
| Xian International vs. China Petroleum Chemical | Xian International vs. PetroChina Co Ltd | Xian International vs. China State Construction | Xian International vs. China Railway Group |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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