Correlation Between G Bits and Gotion High
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By analyzing existing cross correlation between G bits Network Technology and Gotion High tech, you can compare the effects of market volatilities on G Bits and Gotion High 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 Gotion High. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Gotion High.
Diversification Opportunities for G Bits and Gotion High
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between 603444 and Gotion is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Gotion High tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gotion High tech 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 Gotion High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gotion High tech has no effect on the direction of G Bits i.e., G Bits and Gotion High go up and down completely randomly.
Pair Corralation between G Bits and Gotion High
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 1.48 times more return on investment than Gotion High. However, G Bits is 1.48 times more volatile than Gotion High tech. It trades about 0.24 of its potential returns per unit of risk. Gotion High tech is currently generating about -0.36 per unit of risk. If you would invest 19,835 in G bits Network Technology on September 25, 2024 and sell it today you would earn a total of 2,492 from holding G bits Network Technology or generate 12.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Gotion High tech
Performance |
| Timeline |
| G bits Network |
| Gotion High tech |
G Bits and Gotion High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Gotion High
The main advantage of trading using opposite G Bits and Gotion High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Gotion High 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 Gotion High will offset losses from the drop in Gotion High's long position.| G Bits vs. Shengda Mining Co | G Bits vs. Tianjin Pengling Rubber | G Bits vs. Tibet Huayu Mining | G Bits vs. Jiangxi Naipu Mining |
| Gotion High vs. Kweichow Moutai Co | Gotion High vs. Contemporary Amperex Technology | Gotion High vs. G bits Network Technology | Gotion High vs. BYD Co Ltd |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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