Correlation Between G Bits and Ciwen Media
Specify exactly 2 symbols:
By analyzing existing cross correlation between G bits Network Technology and Ciwen Media Co, you can compare the effects of market volatilities on G Bits and Ciwen Media 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 Ciwen Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Ciwen Media.
Diversification Opportunities for G Bits and Ciwen Media
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between 603444 and Ciwen is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Ciwen Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ciwen Media 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 Ciwen Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ciwen Media has no effect on the direction of G Bits i.e., G Bits and Ciwen Media go up and down completely randomly.
Pair Corralation between G Bits and Ciwen Media
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.65 times more return on investment than Ciwen Media. However, G bits Network Technology is 1.53 times less risky than Ciwen Media. It trades about 0.01 of its potential returns per unit of risk. Ciwen Media Co is currently generating about -0.13 per unit of risk. If you would invest 20,723 in G bits Network Technology on October 30, 2024 and sell it today you would lose (73.00) from holding G bits Network Technology or give up 0.35% of portfolio value 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. Ciwen Media Co
Performance |
| Timeline |
| G bits Network |
| Ciwen Media |
G Bits and Ciwen Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Ciwen Media
The main advantage of trading using opposite G Bits and Ciwen Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Ciwen Media 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 Ciwen Media will offset losses from the drop in Ciwen Media's long position.| G Bits vs. Nanjing Putian Telecommunications | G Bits vs. HeNan Splendor Science | G Bits vs. Panda Financial Holding | G Bits vs. Ningbo Fangzheng Automobile |
| Ciwen Media vs. Jiangsu Broadcasting Cable | Ciwen Media vs. Anhui Gujing Distillery | Ciwen Media vs. Sichuan Fulin Transportation | Ciwen Media vs. LianChuang Electronic 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |