Correlation Between G-bits Network and Xinjiang Sailing
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By analyzing existing cross correlation between G bits Network Technology and Xinjiang Sailing Information, you can compare the effects of market volatilities on G-bits Network and Xinjiang Sailing 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 Network with a short position of Xinjiang Sailing. Check out your portfolio center. Please also check ongoing floating volatility patterns of G-bits Network and Xinjiang Sailing.
Diversification Opportunities for G-bits Network and Xinjiang Sailing
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between G-bits and Xinjiang is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Xinjiang Sailing Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinjiang Sailing Inf and G-bits Network 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 Xinjiang Sailing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinjiang Sailing Inf has no effect on the direction of G-bits Network i.e., G-bits Network and Xinjiang Sailing go up and down completely randomly.
Pair Corralation between G-bits Network and Xinjiang Sailing
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.25 times more return on investment than Xinjiang Sailing. However, G bits Network Technology is 4.02 times less risky than Xinjiang Sailing. It trades about -0.08 of its potential returns per unit of risk. Xinjiang Sailing Information is currently generating about -0.23 per unit of risk. If you would invest 20,998 in G bits Network Technology on November 3, 2024 and sell it today you would lose (348.00) from holding G bits Network Technology or give up 1.66% 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. Xinjiang Sailing Information
Performance |
| Timeline |
| G bits Network |
| Xinjiang Sailing Inf |
G-bits Network and Xinjiang Sailing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G-bits Network and Xinjiang Sailing
The main advantage of trading using opposite G-bits Network and Xinjiang Sailing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G-bits Network position performs unexpectedly, Xinjiang Sailing 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 Xinjiang Sailing will offset losses from the drop in Xinjiang Sailing's long position.| G-bits Network vs. Huizhou Speed Wireless | G-bits Network vs. AUPU Home Style | G-bits Network vs. Queclink Wireless Solutions | G-bits Network vs. Quectel Wireless Solutions |
| Xinjiang Sailing vs. Cansino Biologics | Xinjiang Sailing vs. China World Trade | Xinjiang Sailing vs. Fiberhome Telecommunication Technologies | Xinjiang Sailing vs. Tonghua Grape Wine |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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