Correlation Between G-bits Network and Shandong Homey
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By analyzing existing cross correlation between G bits Network Technology and Shandong Homey Aquatic, you can compare the effects of market volatilities on G-bits Network and Shandong Homey 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 Shandong Homey. Check out your portfolio center. Please also check ongoing floating volatility patterns of G-bits Network and Shandong Homey.
Diversification Opportunities for G-bits Network and Shandong Homey
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between G-bits and Shandong is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Shandong Homey Aquatic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Homey Aquatic 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 Shandong Homey. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Homey Aquatic has no effect on the direction of G-bits Network i.e., G-bits Network and Shandong Homey go up and down completely randomly.
Pair Corralation between G-bits Network and Shandong Homey
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.56 times more return on investment than Shandong Homey. However, G bits Network Technology is 1.79 times less risky than Shandong Homey. It trades about -0.02 of its potential returns per unit of risk. Shandong Homey Aquatic is currently generating about -0.1 per unit of risk. If you would invest 20,728 in G bits Network Technology on November 6, 2024 and sell it today you would lose (78.00) from holding G bits Network Technology or give up 0.38% 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. Shandong Homey Aquatic
Performance |
| Timeline |
| G bits Network |
| Shandong Homey Aquatic |
G-bits Network and Shandong Homey Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G-bits Network and Shandong Homey
The main advantage of trading using opposite G-bits Network and Shandong Homey positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G-bits Network position performs unexpectedly, Shandong Homey 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 Shandong Homey will offset losses from the drop in Shandong Homey's long position.| G-bits Network vs. China Satellite Communications | G-bits Network vs. Eastern Communications Co | G-bits Network vs. Tongyu Communication | G-bits Network vs. Guangzhou KDT Machinery |
| Shandong Homey vs. Shandong Sinoglory Health | Shandong Homey vs. Goodwill E Health | Shandong Homey vs. Xiandai Investment Co | Shandong Homey vs. Everjoy Health Group |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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