Correlation Between Jiangnan Mould and Biwin Storage
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By analyzing existing cross correlation between Jiangnan Mould Plastic and Biwin Storage Technology, you can compare the effects of market volatilities on Jiangnan Mould and Biwin Storage 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 Jiangnan Mould with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangnan Mould and Biwin Storage.
Diversification Opportunities for Jiangnan Mould and Biwin Storage
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangnan and Biwin is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Jiangnan Mould Plastic and Biwin Storage Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Biwin Storage Technology and Jiangnan Mould 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 Jiangnan Mould Plastic are associated (or correlated) with Biwin Storage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Biwin Storage Technology has no effect on the direction of Jiangnan Mould i.e., Jiangnan Mould and Biwin Storage go up and down completely randomly.
Pair Corralation between Jiangnan Mould and Biwin Storage
Assuming the 90 days trading horizon Jiangnan Mould Plastic is expected to generate 0.79 times more return on investment than Biwin Storage. However, Jiangnan Mould Plastic is 1.27 times less risky than Biwin Storage. It trades about -0.05 of its potential returns per unit of risk. Biwin Storage Technology is currently generating about -0.17 per unit of risk. If you would invest 803.00 in Jiangnan Mould Plastic on September 13, 2024 and sell it today you would lose (28.00) from holding Jiangnan Mould Plastic or give up 3.49% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Jiangnan Mould Plastic vs. Biwin Storage Technology
Performance |
| Timeline |
| Jiangnan Mould Plastic |
| Biwin Storage Technology |
Jiangnan Mould and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangnan Mould and Biwin Storage
The main advantage of trading using opposite Jiangnan Mould and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangnan Mould position performs unexpectedly, Biwin Storage 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 Biwin Storage will offset losses from the drop in Biwin Storage's long position.| Jiangnan Mould vs. Zoje Resources Investment | Jiangnan Mould vs. Shanghai Yaoji Playing | Jiangnan Mould vs. Harbin Hatou Investment | Jiangnan Mould vs. Shanghai Metersbonwe FashionAccessories |
| Biwin Storage vs. Nanjing Putian Telecommunications | Biwin Storage vs. Tianjin Realty Development | Biwin Storage vs. Kangyue Technology Co | Biwin Storage vs. Shenzhen Hifuture Electric |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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