Correlation Between Kangping Technology and G Bits
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kangping Technology Co and G bits Network Technology, you can compare the effects of market volatilities on Kangping Technology 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 Kangping Technology with a short position of G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangping Technology and G Bits.
Diversification Opportunities for Kangping Technology and G Bits
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Kangping and 603444 is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Kangping Technology 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 Kangping Technology 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 Kangping Technology 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 Kangping Technology i.e., Kangping Technology and G Bits go up and down completely randomly.
Pair Corralation between Kangping Technology and G Bits
Assuming the 90 days trading horizon Kangping Technology Co is expected to under-perform the G Bits. But the stock apears to be less risky and, when comparing its historical volatility, Kangping Technology Co is 1.14 times less risky than G Bits. The stock trades about -0.01 of its potential returns per unit of risk. The G bits Network Technology is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest 19,835 in G bits Network Technology on September 24, 2024 and sell it today you would earn a total of 2,935 from holding G bits Network Technology or generate 14.8% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Kangping Technology Co vs. G bits Network Technology
Performance |
Timeline |
Kangping Technology |
G bits Network |
Kangping Technology and G Bits Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kangping Technology and G Bits
The main advantage of trading using opposite Kangping Technology and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangping Technology 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.Kangping Technology vs. Shanghai Rongtai Health | Kangping Technology vs. Shandong Sinoglory Health | Kangping Technology vs. Humanwell Healthcare Group | Kangping Technology vs. Shanghai Action Education |
G Bits vs. Changchun UP Optotech | G Bits vs. Ningxia Building Materials | G Bits vs. Guangzhou KingTeller Technology | G Bits vs. Kangping Technology 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |