Correlation Between G Bits and Jafron Biomedical
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By analyzing existing cross correlation between G bits Network Technology and Jafron Biomedical Co, you can compare the effects of market volatilities on G Bits and Jafron Biomedical 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 Jafron Biomedical. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Jafron Biomedical.
Diversification Opportunities for G Bits and Jafron Biomedical
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 603444 and Jafron is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Jafron Biomedical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jafron Biomedical 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 Jafron Biomedical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jafron Biomedical has no effect on the direction of G Bits i.e., G Bits and Jafron Biomedical go up and down completely randomly.
Pair Corralation between G Bits and Jafron Biomedical
Assuming the 90 days trading horizon G Bits is expected to generate 1.01 times less return on investment than Jafron Biomedical. But when comparing it to its historical volatility, G bits Network Technology is 1.05 times less risky than Jafron Biomedical. It trades about 0.06 of its potential returns per unit of risk. Jafron Biomedical Co is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 2,715 in Jafron Biomedical Co on September 5, 2024 and sell it today you would earn a total of 323.00 from holding Jafron Biomedical Co or generate 11.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Jafron Biomedical Co
Performance |
| Timeline |
| G bits Network |
| Jafron Biomedical |
G Bits and Jafron Biomedical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Jafron Biomedical
The main advantage of trading using opposite G Bits and Jafron Biomedical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Jafron Biomedical 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 Jafron Biomedical will offset losses from the drop in Jafron Biomedical's long position.| G Bits vs. Hainan Haiqi Transportation | G Bits vs. Hubeiyichang Transportation Group | G Bits vs. Dazhong Transportation Group | G Bits vs. Cultural Investment Holdings |
| Jafron Biomedical vs. Kweichow Moutai Co | Jafron Biomedical vs. Contemporary Amperex Technology | Jafron Biomedical vs. G bits Network Technology | Jafron Biomedical 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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