Correlation Between G Bits and Harbin Air
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By analyzing existing cross correlation between G bits Network Technology and Harbin Air Conditioning, you can compare the effects of market volatilities on G Bits and Harbin Air 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 Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Harbin Air.
Diversification Opportunities for G Bits and Harbin Air
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 603444 and Harbin is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning 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 Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of G Bits i.e., G Bits and Harbin Air go up and down completely randomly.
Pair Corralation between G Bits and Harbin Air
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Harbin Air. In addition to that, G Bits is 1.05 times more volatile than Harbin Air Conditioning. It trades about -0.02 of its total potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.0 per unit of volatility. If you would invest 552.00 in Harbin Air Conditioning on October 15, 2024 and sell it today you would lose (66.00) from holding Harbin Air Conditioning or give up 11.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Harbin Air Conditioning
Performance |
| Timeline |
| G bits Network |
| Harbin Air Conditioning |
G Bits and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Harbin Air
The main advantage of trading using opposite G Bits and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Harbin Air 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 Harbin Air will offset losses from the drop in Harbin Air's long position.| G Bits vs. Anhui Huilong Agricultural | G Bits vs. Bank of Suzhou | G Bits vs. Masterwork Machinery | G Bits vs. Peoples Insurance of |
| Harbin Air vs. Jiangsu Xinri E Vehicle | Harbin Air vs. Semiconductor Manufacturing Electronics | Harbin Air vs. Sihui Fuji Electronics | Harbin Air vs. Citic Guoan Wine |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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