Correlation Between G Bits and XinJiang GuoTong
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By analyzing existing cross correlation between G bits Network Technology and XinJiang GuoTong Pipeline, you can compare the effects of market volatilities on G Bits and XinJiang GuoTong 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 XinJiang GuoTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and XinJiang GuoTong.
Diversification Opportunities for G Bits and XinJiang GuoTong
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and XinJiang is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and XinJiang GuoTong Pipeline in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XinJiang GuoTong Pipeline 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 XinJiang GuoTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XinJiang GuoTong Pipeline has no effect on the direction of G Bits i.e., G Bits and XinJiang GuoTong go up and down completely randomly.
Pair Corralation between G Bits and XinJiang GuoTong
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.44 times more return on investment than XinJiang GuoTong. However, G bits Network Technology is 2.25 times less risky than XinJiang GuoTong. It trades about -0.17 of its potential returns per unit of risk. XinJiang GuoTong Pipeline is currently generating about -0.15 per unit of risk. If you would invest 22,149 in G bits Network Technology on October 24, 2024 and sell it today you would lose (1,291) from holding G bits Network Technology or give up 5.83% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. XinJiang GuoTong Pipeline
Performance |
| Timeline |
| G bits Network |
| XinJiang GuoTong Pipeline |
G Bits and XinJiang GuoTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and XinJiang GuoTong
The main advantage of trading using opposite G Bits and XinJiang GuoTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, XinJiang GuoTong 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 XinJiang GuoTong will offset losses from the drop in XinJiang GuoTong's long position.| G Bits vs. Air China Ltd | G Bits vs. Nanjing Putian Telecommunications | G Bits vs. Eastern Communications Co | G Bits vs. Guangzhou Haige Communications |
| XinJiang GuoTong vs. Nuode Investment Co | XinJiang GuoTong vs. Vanfund Urban Investment | XinJiang GuoTong vs. Xiandai Investment Co | XinJiang GuoTong vs. Kontour Medical 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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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