Correlation Between G Bits and Juewei Food
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By analyzing existing cross correlation between G bits Network Technology and Juewei Food Co, you can compare the effects of market volatilities on G Bits and Juewei Food 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 Juewei Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Juewei Food.
Diversification Opportunities for G Bits and Juewei Food
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 603444 and Juewei is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Juewei Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juewei Food 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 Juewei Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juewei Food has no effect on the direction of G Bits i.e., G Bits and Juewei Food go up and down completely randomly.
Pair Corralation between G Bits and Juewei Food
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.63 times more return on investment than Juewei Food. However, G bits Network Technology is 1.58 times less risky than Juewei Food. It trades about -0.3 of its potential returns per unit of risk. Juewei Food Co is currently generating about -0.26 per unit of risk. If you would invest 22,710 in G bits Network Technology on October 29, 2024 and sell it today you would lose (2,018) from holding G bits Network Technology or give up 8.89% of portfolio value 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. Juewei Food Co
Performance |
| Timeline |
| G bits Network |
| Juewei Food |
G Bits and Juewei Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Juewei Food
The main advantage of trading using opposite G Bits and Juewei Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Juewei Food 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 Juewei Food will offset losses from the drop in Juewei Food's long position.| G Bits vs. Glodon Software Co | G Bits vs. Bingo Software Co | G Bits vs. Dymatic Chemicals | G Bits vs. Guangdong Qunxing Toys |
| Juewei Food vs. Semiconductor Manufacturing Intl | Juewei Food vs. Citic Guoan Wine | Juewei Food vs. Jiangsu Jinling Sports | Juewei Food vs. Giantec Semiconductor Corp |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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