Correlation Between G Bits and GRG Banking
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By analyzing existing cross correlation between G bits Network Technology and GRG Banking Equipment, you can compare the effects of market volatilities on G Bits and GRG Banking 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 GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and GRG Banking.
Diversification Opportunities for G Bits and GRG Banking
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and GRG is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and GRG Banking Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRG Banking Equipment 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 GRG Banking. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRG Banking Equipment has no effect on the direction of G Bits i.e., G Bits and GRG Banking go up and down completely randomly.
Pair Corralation between G Bits and GRG Banking
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the GRG Banking. In addition to that, G Bits is 1.29 times more volatile than GRG Banking Equipment. It trades about -0.01 of its total potential returns per unit of risk. GRG Banking Equipment is currently generating about 0.05 per unit of volatility. If you would invest 894.00 in GRG Banking Equipment on September 12, 2024 and sell it today you would earn a total of 416.00 from holding GRG Banking Equipment or generate 46.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. GRG Banking Equipment
Performance |
| Timeline |
| G bits Network |
| GRG Banking Equipment |
G Bits and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and GRG Banking
The main advantage of trading using opposite G Bits and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, GRG Banking 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 GRG Banking will offset losses from the drop in GRG Banking's long position.| G Bits vs. Shaanxi Construction Machinery | G Bits vs. Huitong Construction Group | G Bits vs. Nanxing Furniture Machinery | G Bits vs. China Asset Management |
| GRG Banking vs. Gansu Jiu Steel | GRG Banking vs. Shandong Mining Machinery | GRG Banking vs. Aba Chemicals Corp | GRG Banking vs. BlueFocus Communication Group |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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