Correlation Between G Bits and Penyao Environmental
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By analyzing existing cross correlation between G bits Network Technology and Penyao Environmental Protection, you can compare the effects of market volatilities on G Bits and Penyao Environmental 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 Penyao Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Penyao Environmental.
Diversification Opportunities for G Bits and Penyao Environmental
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and Penyao is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Penyao Environmental Protectio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Penyao Environmental 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 Penyao Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Penyao Environmental has no effect on the direction of G Bits i.e., G Bits and Penyao Environmental go up and down completely randomly.
Pair Corralation between G Bits and Penyao Environmental
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Penyao Environmental. In addition to that, G Bits is 1.41 times more volatile than Penyao Environmental Protection. It trades about -0.07 of its total potential returns per unit of risk. Penyao Environmental Protection is currently generating about 0.01 per unit of volatility. If you would invest 544.00 in Penyao Environmental Protection on August 29, 2024 and sell it today you would earn a total of 17.00 from holding Penyao Environmental Protection or generate 3.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Penyao Environmental Protectio
Performance |
| Timeline |
| G bits Network |
| Penyao Environmental |
G Bits and Penyao Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Penyao Environmental
The main advantage of trading using opposite G Bits and Penyao Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Penyao Environmental 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 Penyao Environmental will offset losses from the drop in Penyao Environmental's long position.| G Bits vs. Jiangsu Financial Leasing | G Bits vs. Dhc Software Co | G Bits vs. Xinke Material | G Bits vs. Cangzhou Mingzhu Plastic |
| Penyao Environmental vs. Kweichow Moutai Co | Penyao Environmental vs. Shenzhen Mindray Bio Medical | Penyao Environmental vs. G bits Network Technology | Penyao Environmental vs. Shenzhen Transsion Holdings |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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