Correlation Between G-bits Network and HaiXin Foods
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By analyzing existing cross correlation between G bits Network Technology and HaiXin Foods Co, you can compare the effects of market volatilities on G-bits Network and HaiXin Foods 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 Network with a short position of HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of G-bits Network and HaiXin Foods.
Diversification Opportunities for G-bits Network and HaiXin Foods
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between G-bits and HaiXin is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods and G-bits Network 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 HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of G-bits Network i.e., G-bits Network and HaiXin Foods go up and down completely randomly.
Pair Corralation between G-bits Network and HaiXin Foods
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.39 times more return on investment than HaiXin Foods. However, G bits Network Technology is 2.57 times less risky than HaiXin Foods. It trades about -0.02 of its potential returns per unit of risk. HaiXin Foods Co is currently generating about -0.06 per unit of risk. If you would invest 20,728 in G bits Network Technology on November 5, 2024 and sell it today you would lose (78.00) from holding G bits Network Technology or give up 0.38% 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. HaiXin Foods Co
Performance |
| Timeline |
| G bits Network |
| HaiXin Foods |
G-bits Network and HaiXin Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G-bits Network and HaiXin Foods
The main advantage of trading using opposite G-bits Network and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G-bits Network position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.| G-bits Network vs. Hainan Mining Co | G-bits Network vs. Road Environment Technology | G-bits Network vs. Citic Offshore Helicopter | G-bits Network vs. Chenzhou Jingui Silver |
| HaiXin Foods vs. Everjoy Health Group | HaiXin Foods vs. Eastern Communications Co | HaiXin Foods vs. Wintao Communications Co | HaiXin Foods vs. PKU HealthCare Corp |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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