Correlation Between G Bits and Zhejiang Qianjiang
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By analyzing existing cross correlation between G bits Network Technology and Zhejiang Qianjiang Motorcycle, you can compare the effects of market volatilities on G Bits and Zhejiang Qianjiang 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 Zhejiang Qianjiang. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Zhejiang Qianjiang.
Diversification Opportunities for G Bits and Zhejiang Qianjiang
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 603444 and Zhejiang is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Zhejiang Qianjiang Motorcycle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Qianjiang 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 Zhejiang Qianjiang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Qianjiang has no effect on the direction of G Bits i.e., G Bits and Zhejiang Qianjiang go up and down completely randomly.
Pair Corralation between G Bits and Zhejiang Qianjiang
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.95 times more return on investment than Zhejiang Qianjiang. However, G bits Network Technology is 1.05 times less risky than Zhejiang Qianjiang. It trades about -0.11 of its potential returns per unit of risk. Zhejiang Qianjiang Motorcycle is currently generating about -0.15 per unit of risk. If you would invest 21,127 in G bits Network Technology on August 28, 2024 and sell it today you would lose (1,292) from holding G bits Network Technology or give up 6.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Zhejiang Qianjiang Motorcycle
Performance |
| Timeline |
| G bits Network |
| Zhejiang Qianjiang |
G Bits and Zhejiang Qianjiang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Zhejiang Qianjiang
The main advantage of trading using opposite G Bits and Zhejiang Qianjiang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Zhejiang Qianjiang 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 Zhejiang Qianjiang will offset losses from the drop in Zhejiang Qianjiang'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 |
| Zhejiang Qianjiang vs. Changchun UP Optotech | Zhejiang Qianjiang vs. Dymatic Chemicals | Zhejiang Qianjiang vs. Kuangda Technology Group | Zhejiang Qianjiang vs. Shandong Polymer Biochemicals |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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