Correlation Between G Bits and Hangzhou Gisway
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By analyzing existing cross correlation between G bits Network Technology and Hangzhou Gisway Information, you can compare the effects of market volatilities on G Bits and Hangzhou Gisway 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 Hangzhou Gisway. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Hangzhou Gisway.
Diversification Opportunities for G Bits and Hangzhou Gisway
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and Hangzhou is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Hangzhou Gisway Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Gisway Info 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 Hangzhou Gisway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Gisway Info has no effect on the direction of G Bits i.e., G Bits and Hangzhou Gisway go up and down completely randomly.
Pair Corralation between G Bits and Hangzhou Gisway
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Hangzhou Gisway. But the stock apears to be less risky and, when comparing its historical volatility, G bits Network Technology is 1.25 times less risky than Hangzhou Gisway. The stock trades about -0.04 of its potential returns per unit of risk. The Hangzhou Gisway Information is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 4,302 in Hangzhou Gisway Information on September 26, 2024 and sell it today you would lose (585.00) from holding Hangzhou Gisway Information or give up 13.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Hangzhou Gisway Information
Performance |
| Timeline |
| G bits Network |
| Hangzhou Gisway Info |
G Bits and Hangzhou Gisway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Hangzhou Gisway
The main advantage of trading using opposite G Bits and Hangzhou Gisway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Hangzhou Gisway 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 Hangzhou Gisway will offset losses from the drop in Hangzhou Gisway's long position.| G Bits vs. Shengda Mining Co | G Bits vs. Tianjin Pengling Rubber | G Bits vs. Tibet Huayu Mining | G Bits vs. Jiangxi Naipu Mining |
| Hangzhou Gisway vs. Kweichow Moutai Co | Hangzhou Gisway vs. Shenzhen Mindray Bio Medical | Hangzhou Gisway vs. Jiangsu Pacific Quartz | Hangzhou Gisway 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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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