Correlation Between G Bits and Shaanxi Meineng
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By analyzing existing cross correlation between G bits Network Technology and Shaanxi Meineng Clean, you can compare the effects of market volatilities on G Bits and Shaanxi Meineng 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 Shaanxi Meineng. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Shaanxi Meineng.
Diversification Opportunities for G Bits and Shaanxi Meineng
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between 603444 and Shaanxi is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Shaanxi Meineng Clean in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shaanxi Meineng Clean 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 Shaanxi Meineng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shaanxi Meineng Clean has no effect on the direction of G Bits i.e., G Bits and Shaanxi Meineng go up and down completely randomly.
Pair Corralation between G Bits and Shaanxi Meineng
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 1.19 times more return on investment than Shaanxi Meineng. However, G Bits is 1.19 times more volatile than Shaanxi Meineng Clean. It trades about 0.15 of its potential returns per unit of risk. Shaanxi Meineng Clean is currently generating about -0.33 per unit of risk. If you would invest 20,500 in G bits Network Technology on September 28, 2024 and sell it today you would earn a total of 1,489 from holding G bits Network Technology or generate 7.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Shaanxi Meineng Clean
Performance |
| Timeline |
| G bits Network |
| Shaanxi Meineng Clean |
G Bits and Shaanxi Meineng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Shaanxi Meineng
The main advantage of trading using opposite G Bits and Shaanxi Meineng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Shaanxi Meineng 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 Shaanxi Meineng will offset losses from the drop in Shaanxi Meineng's long position.| G Bits vs. Jiahe Foods Industry | G Bits vs. Anji Foodstuff Co | G Bits vs. GigaDevice SemiconductorBeiji | G Bits vs. JuneYao Dairy Co |
| Shaanxi Meineng vs. BeiGene | Shaanxi Meineng vs. Kweichow Moutai Co | Shaanxi Meineng vs. Beijing Roborock Technology | Shaanxi Meineng 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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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