Correlation Between G Bits and GKHT Medical
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By analyzing existing cross correlation between G bits Network Technology and GKHT Medical Technology, you can compare the effects of market volatilities on G Bits and GKHT 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 GKHT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and GKHT Medical.
Diversification Opportunities for G Bits and GKHT Medical
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 603444 and GKHT is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and GKHT Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GKHT 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 GKHT Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GKHT Medical Technology has no effect on the direction of G Bits i.e., G Bits and GKHT Medical go up and down completely randomly.
Pair Corralation between G Bits and GKHT Medical
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.77 times more return on investment than GKHT Medical. However, G bits Network Technology is 1.3 times less risky than GKHT Medical. It trades about -0.02 of its potential returns per unit of risk. GKHT Medical Technology is currently generating about -0.04 per unit of risk. If you would invest 31,792 in G bits Network Technology on September 5, 2024 and sell it today you would lose (11,077) from holding G bits Network Technology or give up 34.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 71.28% |
| Values | Daily Returns |
G bits Network Technology vs. GKHT Medical Technology
Performance |
| Timeline |
| G bits Network |
| GKHT Medical Technology |
G Bits and GKHT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and GKHT Medical
The main advantage of trading using opposite G Bits and GKHT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, GKHT 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 GKHT Medical will offset losses from the drop in GKHT Medical'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 |
| GKHT Medical vs. Kweichow Moutai Co | GKHT Medical vs. Contemporary Amperex Technology | GKHT Medical vs. G bits Network Technology | GKHT Medical vs. Beijing Roborock 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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