Correlation Between G Bits and Unigroup Guoxin
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By analyzing existing cross correlation between G bits Network Technology and Unigroup Guoxin Microelectronics, you can compare the effects of market volatilities on G Bits and Unigroup Guoxin 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 Unigroup Guoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Unigroup Guoxin.
Diversification Opportunities for G Bits and Unigroup Guoxin
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 603444 and Unigroup is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Unigroup Guoxin Microelectroni in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unigroup Guoxin Micr 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 Unigroup Guoxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unigroup Guoxin Micr has no effect on the direction of G Bits i.e., G Bits and Unigroup Guoxin go up and down completely randomly.
Pair Corralation between G Bits and Unigroup Guoxin
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Unigroup Guoxin. But the stock apears to be less risky and, when comparing its historical volatility, G bits Network Technology is 1.37 times less risky than Unigroup Guoxin. The stock trades about -0.19 of its potential returns per unit of risk. The Unigroup Guoxin Microelectronics is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 7,093 in Unigroup Guoxin Microelectronics on August 23, 2024 and sell it today you would lose (350.00) from holding Unigroup Guoxin Microelectronics or give up 4.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Unigroup Guoxin Microelectroni
Performance |
| Timeline |
| G bits Network |
| Unigroup Guoxin Micr |
G Bits and Unigroup Guoxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Unigroup Guoxin
The main advantage of trading using opposite G Bits and Unigroup Guoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Unigroup Guoxin 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 Unigroup Guoxin will offset losses from the drop in Unigroup Guoxin's long position.| G Bits vs. Shengyuan Environmental Protection | G Bits vs. Xinjiang Communications Construction | G Bits vs. Songz Automobile Air | G Bits vs. Sinomach Automobile Co |
| Unigroup Guoxin vs. BeiGene | Unigroup Guoxin vs. Kweichow Moutai Co | Unigroup Guoxin vs. Beijing Roborock Technology | Unigroup Guoxin 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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