Correlation Between G Bits and COL Digital
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By analyzing existing cross correlation between G bits Network Technology and COL Digital Publishing, you can compare the effects of market volatilities on G Bits and COL Digital 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 COL Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and COL Digital.
Diversification Opportunities for G Bits and COL Digital
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between 603444 and COL is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and COL Digital Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COL Digital Publishing 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 COL Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COL Digital Publishing has no effect on the direction of G Bits i.e., G Bits and COL Digital go up and down completely randomly.
Pair Corralation between G Bits and COL Digital
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.71 times more return on investment than COL Digital. However, G bits Network Technology is 1.42 times less risky than COL Digital. It trades about -0.05 of its potential returns per unit of risk. COL Digital Publishing is currently generating about -0.41 per unit of risk. If you would invest 21,413 in G bits Network Technology on October 16, 2024 and sell it today you would lose (507.00) from holding G bits Network Technology or give up 2.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
G bits Network Technology vs. COL Digital Publishing
Performance |
| Timeline |
| G bits Network |
| COL Digital Publishing |
G Bits and COL Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and COL Digital
The main advantage of trading using opposite G Bits and COL Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, COL Digital 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 COL Digital will offset losses from the drop in COL Digital's long position.| G Bits vs. Tianjin Ruixin Technology | G Bits vs. Kuangda Technology Group | G Bits vs. Dymatic Chemicals | G Bits vs. Ningxia Younglight Chemicals |
| COL Digital vs. Shantui Construction Machinery | COL Digital vs. Gansu Huangtai Wine marketing | COL Digital vs. Hunan Tyen Machinery | COL Digital vs. Beijing Bewinner Communications |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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