Correlation Between G Bits and Chengdu B-ray
Specify exactly 2 symbols:
By analyzing existing cross correlation between G bits Network Technology and Chengdu B ray Media, you can compare the effects of market volatilities on G Bits and Chengdu B-ray 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 Chengdu B-ray. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Chengdu B-ray.
Diversification Opportunities for G Bits and Chengdu B-ray
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and Chengdu is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Chengdu B ray Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu B ray 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 Chengdu B-ray. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu B ray has no effect on the direction of G Bits i.e., G Bits and Chengdu B-ray go up and down completely randomly.
Pair Corralation between G Bits and Chengdu B-ray
Assuming the 90 days trading horizon G Bits is expected to generate 1.3 times less return on investment than Chengdu B-ray. But when comparing it to its historical volatility, G bits Network Technology is 1.18 times less risky than Chengdu B-ray. It trades about 0.02 of its potential returns per unit of risk. Chengdu B ray Media is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 446.00 in Chengdu B ray Media on December 2, 2024 and sell it today you would earn a total of 26.00 from holding Chengdu B ray Media or generate 5.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Chengdu B ray Media
Performance |
| Timeline |
| G bits Network |
| Chengdu B ray |
G Bits and Chengdu B-ray Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Chengdu B-ray
The main advantage of trading using opposite G Bits and Chengdu B-ray positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Chengdu B-ray 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 Chengdu B-ray will offset losses from the drop in Chengdu B-ray's long position.| G Bits vs. Jilin Jlu Communication | G Bits vs. Bloomage Biotechnology Corp | G Bits vs. Wintao Communications Co | G Bits vs. Runjian Communication Co |
| Chengdu B-ray vs. Youyou Foods Co | Chengdu B-ray vs. Xizi Clean Energy | Chengdu B-ray vs. Shantou Wanshun Package | Chengdu B-ray vs. Shaanxi Meineng Clean |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |