Correlation Between G Bits and China Minsheng
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By analyzing existing cross correlation between G bits Network Technology and China Minsheng Banking, you can compare the effects of market volatilities on G Bits and China Minsheng 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 China Minsheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and China Minsheng.
Diversification Opportunities for G Bits and China Minsheng
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and China is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and China Minsheng Banking in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Minsheng Banking 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 China Minsheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Minsheng Banking has no effect on the direction of G Bits i.e., G Bits and China Minsheng go up and down completely randomly.
Pair Corralation between G Bits and China Minsheng
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the China Minsheng. In addition to that, G Bits is 2.25 times more volatile than China Minsheng Banking. It trades about -0.04 of its total potential returns per unit of risk. China Minsheng Banking is currently generating about 0.04 per unit of volatility. If you would invest 366.00 in China Minsheng Banking on September 26, 2024 and sell it today you would earn a total of 44.00 from holding China Minsheng Banking or generate 12.02% 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. China Minsheng Banking
Performance |
| Timeline |
| G bits Network |
| China Minsheng Banking |
G Bits and China Minsheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and China Minsheng
The main advantage of trading using opposite G Bits and China Minsheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, China Minsheng 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 China Minsheng will offset losses from the drop in China Minsheng'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 |
| China Minsheng vs. Kweichow Moutai Co | China Minsheng vs. Contemporary Amperex Technology | China Minsheng vs. G bits Network Technology | China Minsheng 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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