Correlation Between G-bits Network and Youyou Foods Co
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By analyzing existing cross correlation between G bits Network Technology and Youyou Foods Co, you can compare the effects of market volatilities on G-bits Network and Youyou Foods Co 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 Youyou Foods Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of G-bits Network and Youyou Foods Co.
Diversification Opportunities for G-bits Network and Youyou Foods Co
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between G-bits and Youyou is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Youyou Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youyou Foods Co 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 Youyou Foods Co. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youyou Foods Co has no effect on the direction of G-bits Network i.e., G-bits Network and Youyou Foods Co go up and down completely randomly.
Pair Corralation between G-bits Network and Youyou Foods Co
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.47 times more return on investment than Youyou Foods Co. However, G bits Network Technology is 2.13 times less risky than Youyou Foods Co. It trades about -0.02 of its potential returns per unit of risk. Youyou Foods Co is currently generating about -0.02 per unit of risk. If you would invest 20,728 in G bits Network Technology on November 5, 2024 and sell it today you would lose (78.00) from holding G bits Network Technology or give up 0.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Youyou Foods Co
Performance |
| Timeline |
| G bits Network |
| Youyou Foods Co |
G-bits Network and Youyou Foods Co Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G-bits Network and Youyou Foods Co
The main advantage of trading using opposite G-bits Network and Youyou Foods Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G-bits Network position performs unexpectedly, Youyou Foods Co 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 Youyou Foods Co will offset losses from the drop in Youyou Foods Co's long position.| G-bits Network vs. Nanjing Putian Telecommunications | G-bits Network vs. Jiamei Food Packaging | G-bits Network vs. JuneYao Dairy Co | G-bits Network vs. Jiahe Foods Industry |
| Youyou Foods Co vs. China Longyuan Power | Youyou Foods Co vs. PetroChina Co Ltd | Youyou Foods Co vs. Guangxi Guiguan Electric | Youyou Foods Co vs. Yantai North Andre |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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