Correlation Between G Bits and Ningbo Thermal
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By analyzing existing cross correlation between G bits Network Technology and Ningbo Thermal Power, you can compare the effects of market volatilities on G Bits and Ningbo Thermal 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 Ningbo Thermal. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Ningbo Thermal.
Diversification Opportunities for G Bits and Ningbo Thermal
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 603444 and Ningbo is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Ningbo Thermal Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Thermal Power 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 Ningbo Thermal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Thermal Power has no effect on the direction of G Bits i.e., G Bits and Ningbo Thermal go up and down completely randomly.
Pair Corralation between G Bits and Ningbo Thermal
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Ningbo Thermal. In addition to that, G Bits is 1.41 times more volatile than Ningbo Thermal Power. It trades about -0.02 of its total potential returns per unit of risk. Ningbo Thermal Power is currently generating about 0.01 per unit of volatility. If you would invest 418.00 in Ningbo Thermal Power on September 28, 2024 and sell it today you would earn a total of 12.00 from holding Ningbo Thermal Power or generate 2.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
G bits Network Technology vs. Ningbo Thermal Power
Performance |
| Timeline |
| G bits Network |
| Ningbo Thermal Power |
G Bits and Ningbo Thermal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Ningbo Thermal
The main advantage of trading using opposite G Bits and Ningbo Thermal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Ningbo Thermal 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 Ningbo Thermal will offset losses from the drop in Ningbo Thermal's long position.| G Bits vs. Jiahe Foods Industry | G Bits vs. Anji Foodstuff Co | G Bits vs. GigaDevice SemiconductorBeiji | G Bits vs. JuneYao Dairy Co |
| Ningbo Thermal vs. BeiGene | Ningbo Thermal vs. Kweichow Moutai Co | Ningbo Thermal vs. Beijing Roborock Technology | Ningbo Thermal vs. G bits Network 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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