Correlation Between Beijing Roborock and G-bits Network
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By analyzing existing cross correlation between Beijing Roborock Technology and G bits Network Technology, you can compare the effects of market volatilities on Beijing Roborock and G-bits Network 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 Beijing Roborock with a short position of G-bits Network. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and G-bits Network.
Diversification Opportunities for Beijing Roborock and G-bits Network
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Beijing and G-bits is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and G bits Network Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on G bits Network and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with G-bits Network. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of G bits Network has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and G-bits Network go up and down completely randomly.
Pair Corralation between Beijing Roborock and G-bits Network
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the G-bits Network. In addition to that, Beijing Roborock is 1.35 times more volatile than G bits Network Technology. It trades about -0.31 of its total potential returns per unit of risk. G bits Network Technology is currently generating about 0.0 per unit of volatility. If you would invest 20,790 in G bits Network Technology on August 31, 2024 and sell it today you would lose (141.00) from holding G bits Network Technology or give up 0.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. G bits Network Technology
Performance |
| Timeline |
| Beijing Roborock Tec |
| G bits Network |
Beijing Roborock and G-bits Network Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and G-bits Network
The main advantage of trading using opposite Beijing Roborock and G-bits Network positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, G-bits Network 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 G-bits Network will offset losses from the drop in G-bits Network's long position.| Beijing Roborock vs. Zhongrun Resources Investment | Beijing Roborock vs. Xilinmen Furniture Co | Beijing Roborock vs. Hubei Geoway Investment | Beijing Roborock vs. Zhejiang Construction Investment |
| G-bits Network vs. Heren Health Co | G-bits Network vs. Tongyu Communication | G-bits Network vs. Allwin Telecommunication Co | G-bits Network vs. Wuhan Yangtze Communication |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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