Correlation Between G Bits and Guangzhou Restaurants
Specify exactly 2 symbols:
By analyzing existing cross correlation between G bits Network Technology and Guangzhou Restaurants Group, you can compare the effects of market volatilities on G Bits and Guangzhou Restaurants 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 Guangzhou Restaurants. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Guangzhou Restaurants.
Diversification Opportunities for G Bits and Guangzhou Restaurants
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and Guangzhou is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Guangzhou Restaurants Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Restaurants 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 Guangzhou Restaurants. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Restaurants has no effect on the direction of G Bits i.e., G Bits and Guangzhou Restaurants go up and down completely randomly.
Pair Corralation between G Bits and Guangzhou Restaurants
Assuming the 90 days trading horizon G Bits is expected to generate 2.2 times less return on investment than Guangzhou Restaurants. In addition to that, G Bits is 1.17 times more volatile than Guangzhou Restaurants Group. It trades about 0.07 of its total potential returns per unit of risk. Guangzhou Restaurants Group is currently generating about 0.19 per unit of volatility. If you would invest 1,671 in Guangzhou Restaurants Group on September 14, 2024 and sell it today you would earn a total of 148.00 from holding Guangzhou Restaurants Group or generate 8.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Guangzhou Restaurants Group
Performance |
| Timeline |
| G bits Network |
| Guangzhou Restaurants |
G Bits and Guangzhou Restaurants Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Guangzhou Restaurants
The main advantage of trading using opposite G Bits and Guangzhou Restaurants positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Guangzhou Restaurants 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 Guangzhou Restaurants will offset losses from the drop in Guangzhou Restaurants' long position.| G Bits vs. Invengo Information Technology | G Bits vs. GRINM Semiconductor Materials | G Bits vs. GigaDevice SemiconductorBeiji | G Bits vs. Guangzhou Dongfang Hotel |
| Guangzhou Restaurants vs. Kweichow Moutai Co | Guangzhou Restaurants vs. Shenzhen Mindray Bio Medical | Guangzhou Restaurants vs. Jiangsu Pacific Quartz | Guangzhou Restaurants vs. G bits Network 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |