Correlation Between G-bits Network and Oppein Home
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By analyzing existing cross correlation between G bits Network Technology and Oppein Home Group, you can compare the effects of market volatilities on G-bits Network and Oppein Home 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 Oppein Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of G-bits Network and Oppein Home.
Diversification Opportunities for G-bits Network and Oppein Home
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between G-bits and Oppein is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Oppein Home Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppein Home Group 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 Oppein Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppein Home Group has no effect on the direction of G-bits Network i.e., G-bits Network and Oppein Home go up and down completely randomly.
Pair Corralation between G-bits Network and Oppein Home
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.4 times more return on investment than Oppein Home. However, G bits Network Technology is 2.49 times less risky than Oppein Home. It trades about -0.08 of its potential returns per unit of risk. Oppein Home Group is currently generating about -0.09 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. Oppein Home Group
Performance |
| Timeline |
| G bits Network |
| Oppein Home Group |
G-bits Network and Oppein Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G-bits Network and Oppein Home
The main advantage of trading using opposite G-bits Network and Oppein Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G-bits Network position performs unexpectedly, Oppein Home 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 Oppein Home will offset losses from the drop in Oppein Home'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 |
| Oppein Home vs. Eit Environmental Development | Oppein Home vs. Wangneng Environment Co | Oppein Home vs. Tongxing Environmental Protection | Oppein Home vs. Shenzhen MYS Environmental |
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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