Correlation Between G Bits and Yankershop Food
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By analyzing existing cross correlation between G bits Network Technology and Yankershop Food Co, you can compare the effects of market volatilities on G Bits and Yankershop Food 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 Yankershop Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Yankershop Food.
Diversification Opportunities for G Bits and Yankershop Food
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and Yankershop is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Yankershop Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yankershop Food 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 Yankershop Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yankershop Food has no effect on the direction of G Bits i.e., G Bits and Yankershop Food go up and down completely randomly.
Pair Corralation between G Bits and Yankershop Food
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.66 times more return on investment than Yankershop Food. However, G bits Network Technology is 1.51 times less risky than Yankershop Food. It trades about -0.19 of its potential returns per unit of risk. Yankershop Food Co is currently generating about -0.2 per unit of risk. If you would invest 22,085 in G bits Network Technology on October 26, 2024 and sell it today you would lose (1,452) from holding G bits Network Technology or give up 6.57% 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. Yankershop Food Co
Performance |
| Timeline |
| G bits Network |
| Yankershop Food |
G Bits and Yankershop Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Yankershop Food
The main advantage of trading using opposite G Bits and Yankershop Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Yankershop Food 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 Yankershop Food will offset losses from the drop in Yankershop Food's long position.| G Bits vs. Chongqing Brewery Co | G Bits vs. GigaDevice SemiconductorBeiji | G Bits vs. GRINM Semiconductor Materials | G Bits vs. Beijing Yanjing Brewery |
| Yankershop Food vs. Kweichow Moutai Co | Yankershop Food vs. Contemporary Amperex Technology | Yankershop Food vs. G bits Network Technology | Yankershop Food vs. Beijing Roborock 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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