Correlation Between G Bits and Yili Chuanning
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By analyzing existing cross correlation between G bits Network Technology and Yili Chuanning Biotechnology, you can compare the effects of market volatilities on G Bits and Yili Chuanning 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 Yili Chuanning. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Yili Chuanning.
Diversification Opportunities for G Bits and Yili Chuanning
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and Yili is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Yili Chuanning Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yili Chuanning Biote 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 Yili Chuanning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yili Chuanning Biote has no effect on the direction of G Bits i.e., G Bits and Yili Chuanning go up and down completely randomly.
Pair Corralation between G Bits and Yili Chuanning
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 1.07 times more return on investment than Yili Chuanning. However, G Bits is 1.07 times more volatile than Yili Chuanning Biotechnology. It trades about 0.06 of its potential returns per unit of risk. Yili Chuanning Biotechnology is currently generating about -0.22 per unit of risk. If you would invest 20,114 in G bits Network Technology on September 5, 2024 and sell it today you would earn a total of 601.00 from holding G bits Network Technology or generate 2.99% 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. Yili Chuanning Biotechnology
Performance |
| Timeline |
| G bits Network |
| Yili Chuanning Biote |
G Bits and Yili Chuanning Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Yili Chuanning
The main advantage of trading using opposite G Bits and Yili Chuanning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Yili Chuanning 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 Yili Chuanning will offset losses from the drop in Yili Chuanning's long position.| G Bits vs. Hainan Haiqi Transportation | G Bits vs. Hubeiyichang Transportation Group | G Bits vs. Dazhong Transportation Group | G Bits vs. Cultural Investment Holdings |
| Yili Chuanning vs. Kweichow Moutai Co | Yili Chuanning vs. Shenzhen Mindray Bio Medical | Yili Chuanning vs. Jiangsu Pacific Quartz | Yili Chuanning vs. G bits Network Technology |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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