Correlation Between G Bits and Ping An
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By analyzing existing cross correlation between G bits Network Technology and Ping An Insurance, you can compare the effects of market volatilities on G Bits and Ping An 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 Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Ping An.
Diversification Opportunities for G Bits and Ping An
Poor diversification
The 3 months correlation between 603444 and Ping is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Ping An Insurance in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ping An Insurance 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 Ping An. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ping An Insurance has no effect on the direction of G Bits i.e., G Bits and Ping An go up and down completely randomly.
Pair Corralation between G Bits and Ping An
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 1.13 times more return on investment than Ping An. However, G Bits is 1.13 times more volatile than Ping An Insurance. It trades about -0.11 of its potential returns per unit of risk. Ping An Insurance is currently generating about -0.16 per unit of risk. If you would invest 21,127 in G bits Network Technology on August 29, 2024 and sell it today you would lose (1,357) from holding G bits Network Technology or give up 6.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Ping An Insurance
Performance |
| Timeline |
| G bits Network |
| Ping An Insurance |
G Bits and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Ping An
The main advantage of trading using opposite G Bits and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Ping An 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 Ping An will offset losses from the drop in Ping An's long position.| G Bits vs. Rising Nonferrous Metals | G Bits vs. Suofeiya Home Collection | G Bits vs. Ye Chiu Metal | G Bits vs. Hengli Industrial Development |
| Ping An vs. Kweichow Moutai Co | Ping An vs. Contemporary Amperex Technology | Ping An vs. G bits Network Technology | Ping An 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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