Correlation Between G Bits and SI TECH
Specify exactly 2 symbols:
By analyzing existing cross correlation between G bits Network Technology and SI TECH Information Technology, you can compare the effects of market volatilities on G Bits and SI TECH 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 SI TECH. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and SI TECH.
Diversification Opportunities for G Bits and SI TECH
Very weak diversification
The 3 months correlation between 603444 and 300608 is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and SI TECH Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SI TECH Information 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 SI TECH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SI TECH Information has no effect on the direction of G Bits i.e., G Bits and SI TECH go up and down completely randomly.
Pair Corralation between G Bits and SI TECH
Assuming the 90 days trading horizon G Bits is expected to generate 2.23 times less return on investment than SI TECH. But when comparing it to its historical volatility, G bits Network Technology is 1.75 times less risky than SI TECH. It trades about 0.04 of its potential returns per unit of risk. SI TECH Information Technology is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 1,030 in SI TECH Information Technology on September 26, 2024 and sell it today you would earn a total of 107.00 from holding SI TECH Information Technology or generate 10.39% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
G bits Network Technology vs. SI TECH Information Technology
Performance |
Timeline |
G bits Network |
SI TECH Information |
G Bits and SI TECH Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with G Bits and SI TECH
The main advantage of trading using opposite G Bits and SI TECH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, SI TECH 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 SI TECH will offset losses from the drop in SI TECH's long position.G Bits vs. Shengda Mining Co | G Bits vs. Tianjin Pengling Rubber | G Bits vs. Tibet Huayu Mining | G Bits vs. Jiangxi Naipu Mining |
SI TECH vs. Kweichow Moutai Co | SI TECH vs. Shenzhen Mindray Bio Medical | SI TECH vs. Jiangsu Pacific Quartz | SI TECH vs. G bits Network Technology |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |