Correlation Between G Bits and China International
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By analyzing existing cross correlation between G bits Network Technology and China International Capital, you can compare the effects of market volatilities on G Bits and China International 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 China International. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and China International.
Diversification Opportunities for G Bits and China International
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and China is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and China International Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China International 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 China International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China International has no effect on the direction of G Bits i.e., G Bits and China International go up and down completely randomly.
Pair Corralation between G Bits and China International
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 1.82 times more return on investment than China International. However, G Bits is 1.82 times more volatile than China International Capital. It trades about 0.18 of its potential returns per unit of risk. China International Capital is currently generating about 0.03 per unit of risk. If you would invest 20,500 in G bits Network Technology on September 28, 2024 and sell it today you would earn a total of 1,960 from holding G bits Network Technology or generate 9.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
G bits Network Technology vs. China International Capital
Performance |
| Timeline |
| G bits Network |
| China International |
G Bits and China International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and China International
The main advantage of trading using opposite G Bits and China International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, China International 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 China International will offset losses from the drop in China International'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 |
| China International vs. Kweichow Moutai Co | China International vs. Contemporary Amperex Technology | China International vs. G bits Network Technology | China International 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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