Correlation Between G Bits and Zhejiang Publishing
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By analyzing existing cross correlation between G bits Network Technology and Zhejiang Publishing Media, you can compare the effects of market volatilities on G Bits and Zhejiang Publishing 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 Zhejiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Zhejiang Publishing.
Diversification Opportunities for G Bits and Zhejiang Publishing
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 603444 and Zhejiang is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Zhejiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Publishing Media 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 Zhejiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Publishing Media has no effect on the direction of G Bits i.e., G Bits and Zhejiang Publishing go up and down completely randomly.
Pair Corralation between G Bits and Zhejiang Publishing
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Zhejiang Publishing. In addition to that, G Bits is 1.15 times more volatile than Zhejiang Publishing Media. It trades about -0.04 of its total potential returns per unit of risk. Zhejiang Publishing Media is currently generating about 0.03 per unit of volatility. If you would invest 756.00 in Zhejiang Publishing Media on September 12, 2024 and sell it today you would earn a total of 83.00 from holding Zhejiang Publishing Media or generate 10.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Zhejiang Publishing Media
Performance |
| Timeline |
| G bits Network |
| Zhejiang Publishing Media |
G Bits and Zhejiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Zhejiang Publishing
The main advantage of trading using opposite G Bits and Zhejiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Zhejiang Publishing 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 Zhejiang Publishing will offset losses from the drop in Zhejiang Publishing's long position.| G Bits vs. Shaanxi Construction Machinery | G Bits vs. Huitong Construction Group | G Bits vs. Nanxing Furniture Machinery | G Bits vs. China Asset Management |
| Zhejiang Publishing vs. Kweichow Moutai Co | Zhejiang Publishing vs. Shenzhen Mindray Bio Medical | Zhejiang Publishing vs. G bits Network Technology | Zhejiang Publishing 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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