Correlation Between G-bits Network and Xiamen Goldenhome
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By analyzing existing cross correlation between G bits Network Technology and Xiamen Goldenhome Co, you can compare the effects of market volatilities on G-bits Network and Xiamen Goldenhome 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 Network with a short position of Xiamen Goldenhome. Check out your portfolio center. Please also check ongoing floating volatility patterns of G-bits Network and Xiamen Goldenhome.
Diversification Opportunities for G-bits Network and Xiamen Goldenhome
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between G-bits and Xiamen is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Xiamen Goldenhome Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Goldenhome and G-bits Network 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 Xiamen Goldenhome. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Goldenhome has no effect on the direction of G-bits Network i.e., G-bits Network and Xiamen Goldenhome go up and down completely randomly.
Pair Corralation between G-bits Network and Xiamen Goldenhome
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.49 times more return on investment than Xiamen Goldenhome. However, G bits Network Technology is 2.04 times less risky than Xiamen Goldenhome. It trades about -0.08 of its potential returns per unit of risk. Xiamen Goldenhome Co is currently generating about -0.05 per unit of risk. If you would invest 20,998 in G bits Network Technology on November 3, 2024 and sell it today you would lose (348.00) from holding G bits Network Technology or give up 1.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Xiamen Goldenhome Co
Performance |
| Timeline |
| G bits Network |
| Xiamen Goldenhome |
G-bits Network and Xiamen Goldenhome Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G-bits Network and Xiamen Goldenhome
The main advantage of trading using opposite G-bits Network and Xiamen Goldenhome positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G-bits Network position performs unexpectedly, Xiamen Goldenhome 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 Xiamen Goldenhome will offset losses from the drop in Xiamen Goldenhome's long position.| G-bits Network vs. Huizhou Speed Wireless | G-bits Network vs. AUPU Home Style | G-bits Network vs. Queclink Wireless Solutions | G-bits Network vs. Quectel Wireless Solutions |
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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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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