Correlation Between North Copper and Biwin Storage
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By analyzing existing cross correlation between North Copper Shanxi and Biwin Storage Technology, you can compare the effects of market volatilities on North Copper 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 North Copper with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of North Copper and Biwin Storage.
Diversification Opportunities for North Copper and Biwin Storage
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between North and Biwin is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding North Copper Shanxi 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 North Copper 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 North Copper Shanxi 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 North Copper i.e., North Copper and Biwin Storage go up and down completely randomly.
Pair Corralation between North Copper and Biwin Storage
Assuming the 90 days trading horizon North Copper Shanxi is expected to generate 0.97 times more return on investment than Biwin Storage. However, North Copper Shanxi is 1.04 times less risky than Biwin Storage. It trades about 0.13 of its potential returns per unit of risk. Biwin Storage Technology is currently generating about -0.04 per unit of risk. If you would invest 860.00 in North Copper Shanxi on October 17, 2024 and sell it today you would earn a total of 80.00 from holding North Copper Shanxi or generate 9.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
North Copper Shanxi vs. Biwin Storage Technology
Performance |
| Timeline |
| North Copper Shanxi |
| Biwin Storage Technology |
North Copper and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with North Copper and Biwin Storage
The main advantage of trading using opposite North Copper and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if North Copper 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.| North Copper vs. Bank of Communications | North Copper vs. Shenzhen Kexin Communication | North Copper vs. Keda Clean Energy | North Copper vs. Tongyu Communication |
| Biwin Storage vs. Hefei Metalforming Mach | Biwin Storage vs. North Copper Shanxi | Biwin Storage vs. Gem Year Industrial Co | Biwin Storage vs. Hainan Mining 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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