Correlation Between G Bits and Shanghai Xinhua
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By analyzing existing cross correlation between G bits Network Technology and Shanghai Xinhua Media, you can compare the effects of market volatilities on G Bits and Shanghai Xinhua 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 Shanghai Xinhua. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Shanghai Xinhua.
Diversification Opportunities for G Bits and Shanghai Xinhua
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between 603444 and Shanghai is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Shanghai Xinhua Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Xinhua Media 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 Shanghai Xinhua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Xinhua Media has no effect on the direction of G Bits i.e., G Bits and Shanghai Xinhua go up and down completely randomly.
Pair Corralation between G Bits and Shanghai Xinhua
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Shanghai Xinhua. But the stock apears to be less risky and, when comparing its historical volatility, G bits Network Technology is 1.31 times less risky than Shanghai Xinhua. The stock trades about -0.01 of its potential returns per unit of risk. The Shanghai Xinhua Media is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 527.00 in Shanghai Xinhua Media on September 12, 2024 and sell it today you would earn a total of 298.00 from holding Shanghai Xinhua Media or generate 56.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Shanghai Xinhua Media
Performance |
| Timeline |
| G bits Network |
| Shanghai Xinhua Media |
G Bits and Shanghai Xinhua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Shanghai Xinhua
The main advantage of trading using opposite G Bits and Shanghai Xinhua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Shanghai Xinhua 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 Shanghai Xinhua will offset losses from the drop in Shanghai Xinhua's long position.| G Bits vs. Shaanxi Construction Machinery | G Bits vs. Huitong Construction Group | G Bits vs. Nanxing Furniture Machinery | G Bits vs. China Asset Management |
| Shanghai Xinhua vs. Kweichow Moutai Co | Shanghai Xinhua vs. Shenzhen Mindray Bio Medical | Shanghai Xinhua vs. G bits Network Technology | Shanghai Xinhua vs. Beijing Roborock Technology |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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