Correlation Between G Bits and PKU HealthCare
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By analyzing existing cross correlation between G bits Network Technology and PKU HealthCare Corp, you can compare the effects of market volatilities on G Bits and PKU HealthCare 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 PKU HealthCare. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and PKU HealthCare.
Diversification Opportunities for G Bits and PKU HealthCare
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between 603444 and PKU is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and PKU HealthCare Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PKU HealthCare Corp 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 PKU HealthCare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PKU HealthCare Corp has no effect on the direction of G Bits i.e., G Bits and PKU HealthCare go up and down completely randomly.
Pair Corralation between G Bits and PKU HealthCare
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the PKU HealthCare. In addition to that, G Bits is 1.34 times more volatile than PKU HealthCare Corp. It trades about -0.01 of its total potential returns per unit of risk. PKU HealthCare Corp is currently generating about -0.01 per unit of volatility. If you would invest 789.00 in PKU HealthCare Corp on September 13, 2024 and sell it today you would lose (122.00) from holding PKU HealthCare Corp or give up 15.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. PKU HealthCare Corp
Performance |
| Timeline |
| G bits Network |
| PKU HealthCare Corp |
G Bits and PKU HealthCare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and PKU HealthCare
The main advantage of trading using opposite G Bits and PKU HealthCare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, PKU HealthCare 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 PKU HealthCare will offset losses from the drop in PKU HealthCare's long position.| G Bits vs. Hunan Investment Group | G Bits vs. CICC Fund Management | G Bits vs. Zhejiang Construction Investment | G Bits vs. Vanfund Urban Investment |
| PKU HealthCare vs. BeiGene | PKU HealthCare vs. Kweichow Moutai Co | PKU HealthCare vs. Beijing Roborock Technology | PKU HealthCare 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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