Correlation Between G Bits and Shanghai OPM
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By analyzing existing cross correlation between G bits Network Technology and Shanghai OPM Biosciences, you can compare the effects of market volatilities on G Bits and Shanghai OPM 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 OPM. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Shanghai OPM.
Diversification Opportunities for G Bits and Shanghai OPM
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between 603444 and Shanghai is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Shanghai OPM Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai OPM Biosciences 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 OPM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai OPM Biosciences has no effect on the direction of G Bits i.e., G Bits and Shanghai OPM go up and down completely randomly.
Pair Corralation between G Bits and Shanghai OPM
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Shanghai OPM. But the stock apears to be less risky and, when comparing its historical volatility, G bits Network Technology is 1.28 times less risky than Shanghai OPM. The stock trades about -0.04 of its potential returns per unit of risk. The Shanghai OPM Biosciences is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 4,655 in Shanghai OPM Biosciences on September 12, 2024 and sell it today you would lose (301.00) from holding Shanghai OPM Biosciences or give up 6.47% 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. Shanghai OPM Biosciences
Performance |
| Timeline |
| G bits Network |
| Shanghai OPM Biosciences |
G Bits and Shanghai OPM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Shanghai OPM
The main advantage of trading using opposite G Bits and Shanghai OPM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Shanghai OPM 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 OPM will offset losses from the drop in Shanghai OPM's long position.| G Bits vs. Shaanxi Construction Machinery | G Bits vs. Huitong Construction Group | G Bits vs. Nanxing Furniture Machinery | G Bits vs. China Asset Management |
| Shanghai OPM vs. Kingclean Electric Co | Shanghai OPM vs. Tieling Newcity Investment | Shanghai OPM vs. Xiandai Investment Co | Shanghai OPM vs. Inspur Software Co |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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