Correlation Between G Bits and Hua Xia
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By analyzing existing cross correlation between G bits Network Technology and Hua Xia Bank, you can compare the effects of market volatilities on G Bits and Hua Xia 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 Hua Xia. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Hua Xia.
Diversification Opportunities for G Bits and Hua Xia
Weak diversification
The 3 months correlation between 603444 and Hua is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Hua Xia Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hua Xia Bank 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 Hua Xia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hua Xia Bank has no effect on the direction of G Bits i.e., G Bits and Hua Xia go up and down completely randomly.
Pair Corralation between G Bits and Hua Xia
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 2.01 times more return on investment than Hua Xia. However, G Bits is 2.01 times more volatile than Hua Xia Bank. It trades about 0.17 of its potential returns per unit of risk. Hua Xia Bank is currently generating about 0.26 per unit of risk. If you would invest 20,649 in G bits Network Technology on September 29, 2024 and sell it today you would earn a total of 1,811 from holding G bits Network Technology or generate 8.77% 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. Hua Xia Bank
Performance |
| Timeline |
| G bits Network |
| Hua Xia Bank |
G Bits and Hua Xia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Hua Xia
The main advantage of trading using opposite G Bits and Hua Xia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Hua Xia 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 Hua Xia will offset losses from the drop in Hua Xia's long position.| G Bits vs. Masterwork Machinery | G Bits vs. CITIC Guoan Information | G Bits vs. Sinomach General Machinery | G Bits vs. China Marine Information |
| Hua Xia vs. Kweichow Moutai Co | Hua Xia vs. Contemporary Amperex Technology | Hua Xia vs. G bits Network Technology | Hua Xia vs. BYD Co Ltd |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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