Correlation Between G Bits and XiAn Dagang
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By analyzing existing cross correlation between G bits Network Technology and XiAn Dagang Road, you can compare the effects of market volatilities on G Bits and XiAn Dagang 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 XiAn Dagang. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and XiAn Dagang.
Diversification Opportunities for G Bits and XiAn Dagang
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between 603444 and XiAn is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and XiAn Dagang Road in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XiAn Dagang Road 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 XiAn Dagang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XiAn Dagang Road has no effect on the direction of G Bits i.e., G Bits and XiAn Dagang go up and down completely randomly.
Pair Corralation between G Bits and XiAn Dagang
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.67 times more return on investment than XiAn Dagang. However, G bits Network Technology is 1.49 times less risky than XiAn Dagang. It trades about 0.04 of its potential returns per unit of risk. XiAn Dagang Road is currently generating about -0.08 per unit of risk. If you would invest 19,930 in G bits Network Technology on November 1, 2024 and sell it today you would earn a total of 720.00 from holding G bits Network Technology or generate 3.61% 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. XiAn Dagang Road
Performance |
| Timeline |
| G bits Network |
| XiAn Dagang Road |
G Bits and XiAn Dagang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and XiAn Dagang
The main advantage of trading using opposite G Bits and XiAn Dagang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, XiAn Dagang 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 XiAn Dagang will offset losses from the drop in XiAn Dagang's long position.| G Bits vs. Chahua Modern Housewares | G Bits vs. Guangzhou Seagull Kitchen | G Bits vs. BTG Hotels Group | G Bits vs. Hainan Airlines Co |
| XiAn Dagang vs. Kweichow Moutai Co | XiAn Dagang vs. Contemporary Amperex Technology | XiAn Dagang vs. G bits Network Technology | XiAn Dagang 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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