Correlation Between G Bits and Shanghai Action
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By analyzing existing cross correlation between G bits Network Technology and Shanghai Action Education, you can compare the effects of market volatilities on G Bits and Shanghai Action 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 Shanghai Action. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Shanghai Action.
Diversification Opportunities for G Bits and Shanghai Action
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 603444 and Shanghai is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Shanghai Action Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Action Education 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 Shanghai Action. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Action Education has no effect on the direction of G Bits i.e., G Bits and Shanghai Action go up and down completely randomly.
Pair Corralation between G Bits and Shanghai Action
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Shanghai Action. But the stock apears to be less risky and, when comparing its historical volatility, G bits Network Technology is 1.25 times less risky than Shanghai Action. The stock trades about -0.3 of its potential returns per unit of risk. The Shanghai Action Education is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 3,425 in Shanghai Action Education on October 29, 2024 and sell it today you would earn a total of 127.00 from holding Shanghai Action Education or generate 3.71% 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. Shanghai Action Education
Performance |
| Timeline |
| G bits Network |
| Shanghai Action Education |
G Bits and Shanghai Action Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Shanghai Action
The main advantage of trading using opposite G Bits and Shanghai Action positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Shanghai Action 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 Shanghai Action will offset losses from the drop in Shanghai Action'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 |
| Shanghai Action vs. Hubei Tech Semiconductors | Shanghai Action vs. Will Semiconductor Co | Shanghai Action vs. Lontium Semiconductor Corp | Shanghai Action vs. Beijing Yanjing Brewery |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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