Correlation Between G Bits and Dongguan Aohai
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By analyzing existing cross correlation between G bits Network Technology and Dongguan Aohai Technology, you can compare the effects of market volatilities on G Bits and Dongguan Aohai 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 Dongguan Aohai. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Dongguan Aohai.
Diversification Opportunities for G Bits and Dongguan Aohai
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between 603444 and Dongguan is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Dongguan Aohai Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dongguan Aohai Technology 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 Dongguan Aohai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dongguan Aohai Technology has no effect on the direction of G Bits i.e., G Bits and Dongguan Aohai go up and down completely randomly.
Pair Corralation between G Bits and Dongguan Aohai
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Dongguan Aohai. But the stock apears to be less risky and, when comparing its historical volatility, G bits Network Technology is 1.02 times less risky than Dongguan Aohai. The stock trades about -0.02 of its potential returns per unit of risk. The Dongguan Aohai Technology is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 3,429 in Dongguan Aohai Technology on September 28, 2024 and sell it today you would earn a total of 941.00 from holding Dongguan Aohai Technology or generate 27.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
G bits Network Technology vs. Dongguan Aohai Technology
Performance |
| Timeline |
| G bits Network |
| Dongguan Aohai Technology |
G Bits and Dongguan Aohai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Dongguan Aohai
The main advantage of trading using opposite G Bits and Dongguan Aohai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Dongguan Aohai 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 Dongguan Aohai will offset losses from the drop in Dongguan Aohai's long position.| G Bits vs. Jiahe Foods Industry | G Bits vs. Anji Foodstuff Co | G Bits vs. GigaDevice SemiconductorBeiji | G Bits vs. JuneYao Dairy Co |
| Dongguan Aohai vs. Kweichow Moutai Co | Dongguan Aohai vs. Contemporary Amperex Technology | Dongguan Aohai vs. G bits Network Technology | Dongguan Aohai vs. BYD Co Ltd |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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