Correlation Between G Bits and Guocheng Mining
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By analyzing existing cross correlation between G bits Network Technology and Guocheng Mining Co, you can compare the effects of market volatilities on G Bits and Guocheng Mining 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 Guocheng Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Guocheng Mining.
Diversification Opportunities for G Bits and Guocheng Mining
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and Guocheng is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Guocheng Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guocheng Mining 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 Guocheng Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guocheng Mining has no effect on the direction of G Bits i.e., G Bits and Guocheng Mining go up and down completely randomly.
Pair Corralation between G Bits and Guocheng Mining
Assuming the 90 days trading horizon G Bits is expected to generate 1.16 times less return on investment than Guocheng Mining. But when comparing it to its historical volatility, G bits Network Technology is 1.03 times less risky than Guocheng Mining. It trades about 0.05 of its potential returns per unit of risk. Guocheng Mining Co is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,212 in Guocheng Mining Co on September 5, 2024 and sell it today you would earn a total of 177.00 from holding Guocheng Mining Co or generate 14.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Guocheng Mining Co
Performance |
| Timeline |
| G bits Network |
| Guocheng Mining |
G Bits and Guocheng Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Guocheng Mining
The main advantage of trading using opposite G Bits and Guocheng Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Guocheng Mining 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 Guocheng Mining will offset losses from the drop in Guocheng Mining's long position.| G Bits vs. Hainan Haiqi Transportation | G Bits vs. Hubeiyichang Transportation Group | G Bits vs. Dazhong Transportation Group | G Bits vs. Cultural Investment Holdings |
| Guocheng Mining vs. Kweichow Moutai Co | Guocheng Mining vs. Shenzhen Mindray Bio Medical | Guocheng Mining vs. Jiangsu Pacific Quartz | Guocheng Mining vs. G bits Network Technology |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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