Correlation Between G Bits and Shijiazhuang Yiling
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By analyzing existing cross correlation between G bits Network Technology and Shijiazhuang Yiling Pharmaceutical, you can compare the effects of market volatilities on G Bits and Shijiazhuang Yiling 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 Shijiazhuang Yiling. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Shijiazhuang Yiling.
Diversification Opportunities for G Bits and Shijiazhuang Yiling
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and Shijiazhuang is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Shijiazhuang Yiling Pharmaceut in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shijiazhuang Yiling 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 Shijiazhuang Yiling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shijiazhuang Yiling has no effect on the direction of G Bits i.e., G Bits and Shijiazhuang Yiling go up and down completely randomly.
Pair Corralation between G Bits and Shijiazhuang Yiling
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 1.4 times more return on investment than Shijiazhuang Yiling. However, G Bits is 1.4 times more volatile than Shijiazhuang Yiling Pharmaceutical. It trades about -0.01 of its potential returns per unit of risk. Shijiazhuang Yiling Pharmaceutical is currently generating about -0.06 per unit of risk. If you would invest 30,590 in G bits Network Technology on September 14, 2024 and sell it today you would lose (7,790) from holding G bits Network Technology or give up 25.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
G bits Network Technology vs. Shijiazhuang Yiling Pharmaceut
Performance |
| Timeline |
| G bits Network |
| Shijiazhuang Yiling |
G Bits and Shijiazhuang Yiling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Shijiazhuang Yiling
The main advantage of trading using opposite G Bits and Shijiazhuang Yiling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Shijiazhuang Yiling 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 Shijiazhuang Yiling will offset losses from the drop in Shijiazhuang Yiling'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 |
| Shijiazhuang Yiling vs. BeiGene | Shijiazhuang Yiling vs. Kweichow Moutai Co | Shijiazhuang Yiling vs. Beijing Roborock Technology | Shijiazhuang Yiling 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 CEOs Directory module to screen CEOs from public companies around the world.
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