Correlation Between G Bits and Ningbo Fangzheng
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By analyzing existing cross correlation between G bits Network Technology and Ningbo Fangzheng Automobile, you can compare the effects of market volatilities on G Bits and Ningbo Fangzheng 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 Ningbo Fangzheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Ningbo Fangzheng.
Diversification Opportunities for G Bits and Ningbo Fangzheng
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 603444 and Ningbo is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Ningbo Fangzheng Automobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Fangzheng Aut 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 Ningbo Fangzheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Fangzheng Aut has no effect on the direction of G Bits i.e., G Bits and Ningbo Fangzheng go up and down completely randomly.
Pair Corralation between G Bits and Ningbo Fangzheng
Assuming the 90 days trading horizon G Bits is expected to generate 1.41 times less return on investment than Ningbo Fangzheng. In addition to that, G Bits is 1.19 times more volatile than Ningbo Fangzheng Automobile. It trades about 0.14 of its total potential returns per unit of risk. Ningbo Fangzheng Automobile is currently generating about 0.23 per unit of volatility. If you would invest 1,470 in Ningbo Fangzheng Automobile on December 4, 2024 and sell it today you would earn a total of 156.00 from holding Ningbo Fangzheng Automobile or generate 10.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Ningbo Fangzheng Automobile
Performance |
| Timeline |
| G bits Network |
| Ningbo Fangzheng Aut |
G Bits and Ningbo Fangzheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Ningbo Fangzheng
The main advantage of trading using opposite G Bits and Ningbo Fangzheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Ningbo Fangzheng 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 Ningbo Fangzheng will offset losses from the drop in Ningbo Fangzheng's long position.| G Bits vs. Guangdong Wens Foodstuff | G Bits vs. CICC Fund Management | G Bits vs. Guilin Seamild Foods | G Bits vs. Fujian Anjoy Foods |
| Ningbo Fangzheng vs. Impulse Qingdao Health | Ningbo Fangzheng vs. By health | Ningbo Fangzheng vs. HaiXin Foods Co | Ningbo Fangzheng vs. Great Sun Foods Co |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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