Correlation Between G Bits and Cofoe Medical
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By analyzing existing cross correlation between G bits Network Technology and Cofoe Medical Technology, you can compare the effects of market volatilities on G Bits and Cofoe Medical 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 Cofoe Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Cofoe Medical.
Diversification Opportunities for G Bits and Cofoe Medical
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and Cofoe is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Cofoe Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cofoe Medical Technology 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 Cofoe Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cofoe Medical Technology has no effect on the direction of G Bits i.e., G Bits and Cofoe Medical go up and down completely randomly.
Pair Corralation between G Bits and Cofoe Medical
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Cofoe Medical. In addition to that, G Bits is 1.16 times more volatile than Cofoe Medical Technology. It trades about -0.01 of its total potential returns per unit of risk. Cofoe Medical Technology is currently generating about 0.02 per unit of volatility. If you would invest 3,353 in Cofoe Medical Technology on September 12, 2024 and sell it today you would earn a total of 515.00 from holding Cofoe Medical Technology or generate 15.36% 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. Cofoe Medical Technology
Performance |
| Timeline |
| G bits Network |
| Cofoe Medical Technology |
G Bits and Cofoe Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Cofoe Medical
The main advantage of trading using opposite G Bits and Cofoe Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Cofoe Medical 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 Cofoe Medical will offset losses from the drop in Cofoe Medical's long position.| G Bits vs. Shaanxi Construction Machinery | G Bits vs. Huitong Construction Group | G Bits vs. Nanxing Furniture Machinery | G Bits vs. China Asset Management |
| Cofoe Medical vs. Cultural Investment Holdings | Cofoe Medical vs. Gome Telecom Equipment | Cofoe Medical vs. Holitech Technology Co | Cofoe Medical vs. Zotye Automobile 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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