Correlation Between G-bits Network and Kunwu Jiuding
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By analyzing existing cross correlation between G bits Network Technology and Kunwu Jiuding Investment, you can compare the effects of market volatilities on G-bits Network and Kunwu Jiuding 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 Network with a short position of Kunwu Jiuding. Check out your portfolio center. Please also check ongoing floating volatility patterns of G-bits Network and Kunwu Jiuding.
Diversification Opportunities for G-bits Network and Kunwu Jiuding
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between G-bits and Kunwu is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Kunwu Jiuding Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kunwu Jiuding Investment and G-bits Network 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 Kunwu Jiuding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kunwu Jiuding Investment has no effect on the direction of G-bits Network i.e., G-bits Network and Kunwu Jiuding go up and down completely randomly.
Pair Corralation between G-bits Network and Kunwu Jiuding
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Kunwu Jiuding. But the stock apears to be less risky and, when comparing its historical volatility, G bits Network Technology is 1.39 times less risky than Kunwu Jiuding. The stock trades about -0.02 of its potential returns per unit of risk. The Kunwu Jiuding Investment is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,572 in Kunwu Jiuding Investment on September 2, 2024 and sell it today you would earn a total of 53.00 from holding Kunwu Jiuding Investment or generate 3.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Kunwu Jiuding Investment
Performance |
| Timeline |
| G bits Network |
| Kunwu Jiuding Investment |
G-bits Network and Kunwu Jiuding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G-bits Network and Kunwu Jiuding
The main advantage of trading using opposite G-bits Network and Kunwu Jiuding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G-bits Network position performs unexpectedly, Kunwu Jiuding 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 Kunwu Jiuding will offset losses from the drop in Kunwu Jiuding's long position.| G-bits Network vs. Innovative Medical Management | G-bits Network vs. China Aluminum International | G-bits Network vs. Tongling Nonferrous Metals | G-bits Network vs. Heilongjiang Transport Development |
| Kunwu Jiuding vs. Jiangxi Naipu Mining | Kunwu Jiuding vs. Gem Year Industrial Co | Kunwu Jiuding vs. Xinjiang Communications Construction | Kunwu Jiuding vs. Fiberhome Telecommunication Technologies |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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