Correlation Between G Bits and Zhengzhou Coal
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By analyzing existing cross correlation between G bits Network Technology and Zhengzhou Coal Mining, you can compare the effects of market volatilities on G Bits and Zhengzhou Coal 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 Zhengzhou Coal. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Zhengzhou Coal.
Diversification Opportunities for G Bits and Zhengzhou Coal
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and Zhengzhou is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Zhengzhou Coal Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhengzhou Coal Mining 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 Zhengzhou Coal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhengzhou Coal Mining has no effect on the direction of G Bits i.e., G Bits and Zhengzhou Coal go up and down completely randomly.
Pair Corralation between G Bits and Zhengzhou Coal
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Zhengzhou Coal. In addition to that, G Bits is 1.12 times more volatile than Zhengzhou Coal Mining. It trades about -0.19 of its total potential returns per unit of risk. Zhengzhou Coal Mining is currently generating about -0.08 per unit of volatility. If you would invest 1,320 in Zhengzhou Coal Mining on October 26, 2024 and sell it today you would lose (33.00) from holding Zhengzhou Coal Mining or give up 2.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Zhengzhou Coal Mining
Performance |
| Timeline |
| G bits Network |
| Zhengzhou Coal Mining |
G Bits and Zhengzhou Coal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Zhengzhou Coal
The main advantage of trading using opposite G Bits and Zhengzhou Coal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Zhengzhou Coal 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 Zhengzhou Coal will offset losses from the drop in Zhengzhou Coal's long position.| G Bits vs. Chongqing Brewery Co | G Bits vs. GigaDevice SemiconductorBeiji | G Bits vs. GRINM Semiconductor Materials | G Bits vs. Beijing Yanjing Brewery |
| Zhengzhou Coal vs. Kweichow Moutai Co | Zhengzhou Coal vs. Contemporary Amperex Technology | Zhengzhou Coal vs. G bits Network Technology | Zhengzhou Coal 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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