Correlation Between G Bits and UE Furniture
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By analyzing existing cross correlation between G bits Network Technology and UE Furniture Co, you can compare the effects of market volatilities on G Bits and UE Furniture 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 UE Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and UE Furniture.
Diversification Opportunities for G Bits and UE Furniture
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between 603444 and 603600 is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and UE Furniture Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UE Furniture 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 UE Furniture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UE Furniture has no effect on the direction of G Bits i.e., G Bits and UE Furniture go up and down completely randomly.
Pair Corralation between G Bits and UE Furniture
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 1.14 times more return on investment than UE Furniture. However, G Bits is 1.14 times more volatile than UE Furniture Co. It trades about 0.22 of its potential returns per unit of risk. UE Furniture Co is currently generating about -0.04 per unit of risk. If you would invest 19,770 in G bits Network Technology on September 27, 2024 and sell it today you would earn a total of 2,315 from holding G bits Network Technology or generate 11.71% 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. UE Furniture Co
Performance |
| Timeline |
| G bits Network |
| UE Furniture |
G Bits and UE Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and UE Furniture
The main advantage of trading using opposite G Bits and UE Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, UE Furniture 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 UE Furniture will offset losses from the drop in UE Furniture's long position.| G Bits vs. Shanghai CEO Environmental | G Bits vs. Wintao Communications Co | G Bits vs. Shaanxi Meineng Clean | G Bits vs. Nanjing Putian Telecommunications |
| UE Furniture vs. BeiGene | UE Furniture vs. Kweichow Moutai Co | UE Furniture vs. Beijing Roborock Technology | UE Furniture 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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