Correlation Between G Bits and Guangdong Advertising
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By analyzing existing cross correlation between G bits Network Technology and Guangdong Advertising Co, you can compare the effects of market volatilities on G Bits and Guangdong Advertising 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 Guangdong Advertising. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Guangdong Advertising.
Diversification Opportunities for G Bits and Guangdong Advertising
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between 603444 and Guangdong is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Guangdong Advertising Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Advertising 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 Guangdong Advertising. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Advertising has no effect on the direction of G Bits i.e., G Bits and Guangdong Advertising go up and down completely randomly.
Pair Corralation between G Bits and Guangdong Advertising
Assuming the 90 days trading horizon G Bits is expected to generate 7.27 times less return on investment than Guangdong Advertising. But when comparing it to its historical volatility, G bits Network Technology is 2.58 times less risky than Guangdong Advertising. It trades about 0.1 of its potential returns per unit of risk. Guangdong Advertising Co is currently generating about 0.28 of returns per unit of risk over similar time horizon. If you would invest 709.00 in Guangdong Advertising Co on September 13, 2024 and sell it today you would earn a total of 302.00 from holding Guangdong Advertising Co or generate 42.6% 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. Guangdong Advertising Co
Performance |
| Timeline |
| G bits Network |
| Guangdong Advertising |
G Bits and Guangdong Advertising Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Guangdong Advertising
The main advantage of trading using opposite G Bits and Guangdong Advertising positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Guangdong Advertising 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 Guangdong Advertising will offset losses from the drop in Guangdong Advertising's long position.| G Bits vs. Hunan Investment Group | G Bits vs. CICC Fund Management | G Bits vs. Zhejiang Construction Investment | G Bits vs. Vanfund Urban Investment |
| Guangdong Advertising vs. BYD Co Ltd | Guangdong Advertising vs. China Mobile Limited | Guangdong Advertising vs. Agricultural Bank of | Guangdong Advertising vs. Industrial and Commercial |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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