Correlation Between G Bits and Changchun BCHT
Specify exactly 2 symbols:
By analyzing existing cross correlation between G bits Network Technology and Changchun BCHT Biotechnology, you can compare the effects of market volatilities on G Bits and Changchun BCHT 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 Changchun BCHT. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Changchun BCHT.
Diversification Opportunities for G Bits and Changchun BCHT
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 603444 and Changchun is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Changchun BCHT Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun BCHT Biote 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 Changchun BCHT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun BCHT Biote has no effect on the direction of G Bits i.e., G Bits and Changchun BCHT go up and down completely randomly.
Pair Corralation between G Bits and Changchun BCHT
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 1.2 times more return on investment than Changchun BCHT. However, G Bits is 1.2 times more volatile than Changchun BCHT Biotechnology. It trades about 0.07 of its potential returns per unit of risk. Changchun BCHT Biotechnology is currently generating about -0.05 per unit of risk. If you would invest 22,035 in G bits Network Technology on September 14, 2024 and sell it today you would earn a total of 765.00 from holding G bits Network Technology or generate 3.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Changchun BCHT Biotechnology
Performance |
| Timeline |
| G bits Network |
| Changchun BCHT Biote |
G Bits and Changchun BCHT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Changchun BCHT
The main advantage of trading using opposite G Bits and Changchun BCHT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Changchun BCHT 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 Changchun BCHT will offset losses from the drop in Changchun BCHT's long position.| G Bits vs. Invengo Information Technology | G Bits vs. GRINM Semiconductor Materials | G Bits vs. GigaDevice SemiconductorBeiji | G Bits vs. Guangzhou Dongfang Hotel |
| Changchun BCHT vs. Chengtun Mining Group | Changchun BCHT vs. Jiangsu Yueda Investment | Changchun BCHT vs. Minmetals Capital Co | Changchun BCHT vs. Hefei Metalforming Mach |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |