Correlation Between G Bits and Zhuzhou Kibing
Specify exactly 2 symbols:
By analyzing existing cross correlation between G bits Network Technology and Zhuzhou Kibing Group, you can compare the effects of market volatilities on G Bits and Zhuzhou Kibing 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 Zhuzhou Kibing. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Zhuzhou Kibing.
Diversification Opportunities for G Bits and Zhuzhou Kibing
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 603444 and Zhuzhou is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Zhuzhou Kibing Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhuzhou Kibing Group 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 Zhuzhou Kibing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhuzhou Kibing Group has no effect on the direction of G Bits i.e., G Bits and Zhuzhou Kibing go up and down completely randomly.
Pair Corralation between G Bits and Zhuzhou Kibing
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 1.23 times more return on investment than Zhuzhou Kibing. However, G Bits is 1.23 times more volatile than Zhuzhou Kibing Group. It trades about -0.02 of its potential returns per unit of risk. Zhuzhou Kibing Group is currently generating about -0.05 per unit of risk. If you would invest 34,905 in G bits Network Technology on September 26, 2024 and sell it today you would lose (12,578) from holding G bits Network Technology or give up 36.03% of portfolio value 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. Zhuzhou Kibing Group
Performance |
| Timeline |
| G bits Network |
| Zhuzhou Kibing Group |
G Bits and Zhuzhou Kibing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Zhuzhou Kibing
The main advantage of trading using opposite G Bits and Zhuzhou Kibing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Zhuzhou Kibing 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 Zhuzhou Kibing will offset losses from the drop in Zhuzhou Kibing'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 |
| Zhuzhou Kibing vs. Jiangsu Jinling Sports | Zhuzhou Kibing vs. Panda Financial Holding | Zhuzhou Kibing vs. China Sports Industry | Zhuzhou Kibing vs. Caihong Display Devices |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |