Correlation Between G Bits and Thinkingdom Media
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By analyzing existing cross correlation between G bits Network Technology and Thinkingdom Media Group, you can compare the effects of market volatilities on G Bits and Thinkingdom Media 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 Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Thinkingdom Media.
Diversification Opportunities for G Bits and Thinkingdom Media
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 603444 and Thinkingdom is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom 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 Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of G Bits i.e., G Bits and Thinkingdom Media go up and down completely randomly.
Pair Corralation between G Bits and Thinkingdom Media
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Thinkingdom Media. In addition to that, G Bits is 1.04 times more volatile than Thinkingdom Media Group. It trades about -0.01 of its total potential returns per unit of risk. Thinkingdom Media Group is currently generating about 0.02 per unit of volatility. If you would invest 1,851 in Thinkingdom Media Group on September 12, 2024 and sell it today you would earn a total of 227.00 from holding Thinkingdom Media Group or generate 12.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Thinkingdom Media Group
Performance |
| Timeline |
| G bits Network |
| Thinkingdom Media |
G Bits and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Thinkingdom Media
The main advantage of trading using opposite G Bits and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Thinkingdom Media 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media'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 |
| Thinkingdom Media vs. Kweichow Moutai Co | Thinkingdom Media vs. Shenzhen Mindray Bio Medical | Thinkingdom Media vs. G bits Network Technology | Thinkingdom Media 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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