Correlation Between G Bits and Everjoy Health
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By analyzing existing cross correlation between G bits Network Technology and Everjoy Health Group, you can compare the effects of market volatilities on G Bits and Everjoy Health 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 Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Everjoy Health.
Diversification Opportunities for G Bits and Everjoy Health
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between 603444 and Everjoy is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Everjoy Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everjoy Health Group 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 Everjoy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everjoy Health Group has no effect on the direction of G Bits i.e., G Bits and Everjoy Health go up and down completely randomly.
Pair Corralation between G Bits and Everjoy Health
Assuming the 90 days trading horizon G Bits is expected to generate 1.75 times less return on investment than Everjoy Health. But when comparing it to its historical volatility, G bits Network Technology is 1.15 times less risky than Everjoy Health. It trades about 0.06 of its potential returns per unit of risk. Everjoy Health Group is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 304.00 in Everjoy Health Group on September 25, 2024 and sell it today you would earn a total of 62.00 from holding Everjoy Health Group or generate 20.39% 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. Everjoy Health Group
Performance |
Timeline |
G bits Network |
Everjoy Health Group |
G Bits and Everjoy Health Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with G Bits and Everjoy Health
The main advantage of trading using opposite G Bits and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Everjoy Health 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 Everjoy Health will offset losses from the drop in Everjoy Health's long position.G Bits vs. Metro Investment Development | G Bits vs. Focus Media Information | G Bits vs. Hangzhou Gisway Information | G Bits vs. Shenzhen SDG Information |
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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