Correlation Between G Bits and Jiangsu Zhongtian
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By analyzing existing cross correlation between G bits Network Technology and Jiangsu Zhongtian Technology, you can compare the effects of market volatilities on G Bits and Jiangsu Zhongtian 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 Jiangsu Zhongtian. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Jiangsu Zhongtian.
Diversification Opportunities for G Bits and Jiangsu Zhongtian
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between 603444 and Jiangsu is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Jiangsu Zhongtian Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Zhongtian 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 Jiangsu Zhongtian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Zhongtian has no effect on the direction of G Bits i.e., G Bits and Jiangsu Zhongtian go up and down completely randomly.
Pair Corralation between G Bits and Jiangsu Zhongtian
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Jiangsu Zhongtian. In addition to that, G Bits is 1.22 times more volatile than Jiangsu Zhongtian Technology. It trades about -0.04 of its total potential returns per unit of risk. Jiangsu Zhongtian Technology is currently generating about 0.01 per unit of volatility. If you would invest 1,489 in Jiangsu Zhongtian Technology on September 26, 2024 and sell it today you would earn a total of 22.00 from holding Jiangsu Zhongtian Technology or generate 1.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.66% |
| Values | Daily Returns |
G bits Network Technology vs. Jiangsu Zhongtian Technology
Performance |
| Timeline |
| G bits Network |
| Jiangsu Zhongtian |
G Bits and Jiangsu Zhongtian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Jiangsu Zhongtian
The main advantage of trading using opposite G Bits and Jiangsu Zhongtian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Jiangsu Zhongtian 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 Jiangsu Zhongtian will offset losses from the drop in Jiangsu Zhongtian'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 |
| Jiangsu Zhongtian vs. Kweichow Moutai Co | Jiangsu Zhongtian vs. Contemporary Amperex Technology | Jiangsu Zhongtian vs. G bits Network Technology | Jiangsu Zhongtian 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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