Correlation Between G Bits and Jilin Chemical
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By analyzing existing cross correlation between G bits Network Technology and Jilin Chemical Fibre, you can compare the effects of market volatilities on G Bits and Jilin Chemical 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 Jilin Chemical. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Jilin Chemical.
Diversification Opportunities for G Bits and Jilin Chemical
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 603444 and Jilin is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Jilin Chemical Fibre in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jilin Chemical Fibre 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 Jilin Chemical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jilin Chemical Fibre has no effect on the direction of G Bits i.e., G Bits and Jilin Chemical go up and down completely randomly.
Pair Corralation between G Bits and Jilin Chemical
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 0.86 times more return on investment than Jilin Chemical. However, G bits Network Technology is 1.16 times less risky than Jilin Chemical. It trades about 0.03 of its potential returns per unit of risk. Jilin Chemical Fibre is currently generating about 0.02 per unit of risk. If you would invest 21,008 in G bits Network Technology on December 2, 2024 and sell it today you would earn a total of 395.00 from holding G bits Network Technology or generate 1.88% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
G bits Network Technology vs. Jilin Chemical Fibre
Performance |
Timeline |
G bits Network |
Jilin Chemical Fibre |
G Bits and Jilin Chemical Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with G Bits and Jilin Chemical
The main advantage of trading using opposite G Bits and Jilin Chemical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Jilin Chemical 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 Jilin Chemical will offset losses from the drop in Jilin Chemical's long position.G Bits vs. Jilin Jlu Communication | G Bits vs. Bloomage Biotechnology Corp | G Bits vs. Wintao Communications Co | G Bits vs. Runjian Communication Co |
Jilin Chemical vs. Gan Yuan Foods | Jilin Chemical vs. Youyou Foods Co | Jilin Chemical vs. Elec Tech International Co | Jilin Chemical vs. Eastern Air Logistics |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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