Correlation Between Mingchen Health and G Bits
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By analyzing existing cross correlation between Mingchen Health Co and G bits Network Technology, you can compare the effects of market volatilities on Mingchen Health and G Bits 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 Mingchen Health with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mingchen Health and G Bits.
Diversification Opportunities for Mingchen Health and G Bits
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Mingchen and 603444 is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Mingchen Health Co 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 Mingchen Health 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 Mingchen Health Co are associated (or correlated) with G Bits. 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 Mingchen Health i.e., Mingchen Health and G Bits go up and down completely randomly.
Pair Corralation between Mingchen Health and G Bits
Assuming the 90 days trading horizon Mingchen Health Co is expected to generate 2.19 times more return on investment than G Bits. However, Mingchen Health is 2.19 times more volatile than G bits Network Technology. It trades about 0.11 of its potential returns per unit of risk. G bits Network Technology is currently generating about -0.19 per unit of risk. If you would invest 1,593 in Mingchen Health Co on October 22, 2024 and sell it today you would earn a total of 107.00 from holding Mingchen Health Co or generate 6.72% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Mingchen Health Co vs. G bits Network Technology
Performance |
Timeline |
Mingchen Health |
G bits Network |
Mingchen Health and G Bits Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Mingchen Health and G Bits
The main advantage of trading using opposite Mingchen Health and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mingchen Health position performs unexpectedly, G Bits 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 will offset losses from the drop in G Bits' long position.Mingchen Health vs. Olympic Circuit Technology | Mingchen Health vs. Kuang Chi Technologies | Mingchen Health vs. HUAQIN TECHNOLOGY LTD | Mingchen Health vs. Holitech Technology Co |
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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 Stocks Directory module to find actively traded stocks across global markets.
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