Correlation Between G Bits and Yunnan Xiyi
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By analyzing existing cross correlation between G bits Network Technology and Yunnan Xiyi Industrial, you can compare the effects of market volatilities on G Bits and Yunnan Xiyi 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 Yunnan Xiyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Yunnan Xiyi.
Diversification Opportunities for G Bits and Yunnan Xiyi
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 603444 and Yunnan is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Yunnan Xiyi Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Xiyi Industrial 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 Yunnan Xiyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Xiyi Industrial has no effect on the direction of G Bits i.e., G Bits and Yunnan Xiyi go up and down completely randomly.
Pair Corralation between G Bits and Yunnan Xiyi
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Yunnan Xiyi. But the stock apears to be less risky and, when comparing its historical volatility, G bits Network Technology is 1.16 times less risky than Yunnan Xiyi. The stock trades about -0.01 of its potential returns per unit of risk. The Yunnan Xiyi Industrial is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 1,218 in Yunnan Xiyi Industrial on September 14, 2024 and sell it today you would earn a total of 1,349 from holding Yunnan Xiyi Industrial or generate 110.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Yunnan Xiyi Industrial
Performance |
| Timeline |
| G bits Network |
| Yunnan Xiyi Industrial |
G Bits and Yunnan Xiyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Yunnan Xiyi
The main advantage of trading using opposite G Bits and Yunnan Xiyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Yunnan Xiyi 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 Yunnan Xiyi will offset losses from the drop in Yunnan Xiyi's long position.| G Bits vs. Invengo Information Technology | G Bits vs. GRINM Semiconductor Materials | G Bits vs. GigaDevice SemiconductorBeiji | G Bits vs. Guangzhou Dongfang Hotel |
| Yunnan Xiyi vs. BeiGene | Yunnan Xiyi vs. Kweichow Moutai Co | Yunnan Xiyi vs. Beijing Roborock Technology | Yunnan Xiyi 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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