Correlation Between G Bits and Hengerda New
Specify exactly 2 symbols:
By analyzing existing cross correlation between G bits Network Technology and Hengerda New Materials, you can compare the effects of market volatilities on G Bits and Hengerda New 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 Hengerda New. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Hengerda New.
Diversification Opportunities for G Bits and Hengerda New
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between 603444 and Hengerda is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Hengerda New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hengerda New Materials 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 Hengerda New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hengerda New Materials has no effect on the direction of G Bits i.e., G Bits and Hengerda New go up and down completely randomly.
Pair Corralation between G Bits and Hengerda New
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.83 times more return on investment than Hengerda New. However, G bits Network Technology is 1.2 times less risky than Hengerda New. It trades about -0.14 of its potential returns per unit of risk. Hengerda New Materials is currently generating about -0.32 per unit of risk. If you would invest 22,201 in G bits Network Technology on October 9, 2024 and sell it today you would lose (1,473) from holding G bits Network Technology or give up 6.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Hengerda New Materials
Performance |
| Timeline |
| G bits Network |
| Hengerda New Materials |
G Bits and Hengerda New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Hengerda New
The main advantage of trading using opposite G Bits and Hengerda New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Hengerda New 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 Hengerda New will offset losses from the drop in Hengerda New's long position.| G Bits vs. Shenzhen Silver Basis | G Bits vs. Shenyang Blue Silver | G Bits vs. SUNSEA Telecommunications Co | G Bits vs. Ningbo Ligong Online |
| Hengerda New vs. Henan Shuanghui Investment | Hengerda New vs. Luyin Investment Group | Hengerda New vs. Shenzhen Centralcon Investment | Hengerda New vs. Xiamen Insight Investment |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |