Correlation Between G Bits and Fuda Alloy
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By analyzing existing cross correlation between G bits Network Technology and Fuda Alloy Materials, you can compare the effects of market volatilities on G Bits and Fuda Alloy 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 Fuda Alloy. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Fuda Alloy.
Diversification Opportunities for G Bits and Fuda Alloy
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between 603444 and Fuda is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Fuda Alloy Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fuda Alloy Materials 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 Fuda Alloy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fuda Alloy Materials has no effect on the direction of G Bits i.e., G Bits and Fuda Alloy go up and down completely randomly.
Pair Corralation between G Bits and Fuda Alloy
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Fuda Alloy. In addition to that, G Bits is 1.1 times more volatile than Fuda Alloy Materials. It trades about -0.02 of its total potential returns per unit of risk. Fuda Alloy Materials is currently generating about 0.01 per unit of volatility. If you would invest 1,440 in Fuda Alloy Materials on September 28, 2024 and sell it today you would lose (135.00) from holding Fuda Alloy Materials or give up 9.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
G bits Network Technology vs. Fuda Alloy Materials
Performance |
| Timeline |
| G bits Network |
| Fuda Alloy Materials |
G Bits and Fuda Alloy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Fuda Alloy
The main advantage of trading using opposite G Bits and Fuda Alloy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Fuda Alloy 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 Fuda Alloy will offset losses from the drop in Fuda Alloy'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 |
| Fuda Alloy vs. Kweichow Moutai Co | Fuda Alloy vs. Contemporary Amperex Technology | Fuda Alloy vs. G bits Network Technology | Fuda Alloy 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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