Correlation Between G Bits and BCEG Environmental
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By analyzing existing cross correlation between G bits Network Technology and BCEG Environmental Remediation, you can compare the effects of market volatilities on G Bits and BCEG 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 BCEG Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and BCEG Environmental.
Diversification Opportunities for G Bits and BCEG Environmental
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between 603444 and BCEG is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and BCEG Environmental Remediation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BCEG 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 BCEG Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BCEG Environmental has no effect on the direction of G Bits i.e., G Bits and BCEG Environmental go up and down completely randomly.
Pair Corralation between G Bits and BCEG Environmental
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the BCEG Environmental. But the stock apears to be less risky and, when comparing its historical volatility, G bits Network Technology is 1.21 times less risky than BCEG Environmental. The stock trades about -0.17 of its potential returns per unit of risk. The BCEG Environmental Remediation is currently generating about -0.13 of returns per unit of risk over similar time horizon. If you would invest 1,198 in BCEG Environmental Remediation on October 24, 2024 and sell it today you would lose (68.00) from holding BCEG Environmental Remediation or give up 5.68% 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. BCEG Environmental Remediation
Performance |
| Timeline |
| G bits Network |
| BCEG Environmental |
G Bits and BCEG Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and BCEG Environmental
The main advantage of trading using opposite G Bits and BCEG Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, BCEG 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 BCEG Environmental will offset losses from the drop in BCEG Environmental's long position.| G Bits vs. Air China Ltd | G Bits vs. Nanjing Putian Telecommunications | G Bits vs. Eastern Communications Co | G Bits vs. Guangzhou Haige Communications |
| BCEG Environmental vs. Beijing Kaiwen Education | BCEG Environmental vs. Suzhou Mingzhi Technology | BCEG Environmental vs. Zhejiang Publishing Media | BCEG Environmental vs. Qtone Education Group |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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