Correlation Between G Bits and MayAir Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between G bits Network Technology and MayAir Technology Co, you can compare the effects of market volatilities on G Bits and MayAir Technology 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 MayAir Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and MayAir Technology.
Diversification Opportunities for G Bits and MayAir Technology
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 603444 and MayAir is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and MayAir Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MayAir Technology 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 MayAir Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MayAir Technology has no effect on the direction of G Bits i.e., G Bits and MayAir Technology go up and down completely randomly.
Pair Corralation between G Bits and MayAir Technology
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the MayAir Technology. But the stock apears to be less risky and, when comparing its historical volatility, G bits Network Technology is 1.07 times less risky than MayAir Technology. The stock trades about -0.07 of its potential returns per unit of risk. The MayAir Technology Co is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 3,402 in MayAir Technology Co on August 29, 2024 and sell it today you would earn a total of 208.00 from holding MayAir Technology Co or generate 6.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. MayAir Technology Co
Performance |
| Timeline |
| G bits Network |
| MayAir Technology |
G Bits and MayAir Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and MayAir Technology
The main advantage of trading using opposite G Bits and MayAir Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, MayAir Technology 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 MayAir Technology will offset losses from the drop in MayAir Technology's long position.| G Bits vs. Jiangsu Financial Leasing | G Bits vs. Dhc Software Co | G Bits vs. Xinke Material | G Bits vs. Cangzhou Mingzhu Plastic |
| MayAir Technology vs. Kweichow Moutai Co | MayAir Technology vs. Shenzhen Mindray Bio Medical | MayAir Technology vs. G bits Network Technology | MayAir Technology vs. Shenzhen Transsion Holdings |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |