Correlation Between JS Corrugating and Biwin Storage
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By analyzing existing cross correlation between JS Corrugating Machinery and Biwin Storage Technology, you can compare the effects of market volatilities on JS Corrugating 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 JS Corrugating with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of JS Corrugating and Biwin Storage.
Diversification Opportunities for JS Corrugating and Biwin Storage
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 000821 and Biwin is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding JS Corrugating Machinery 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 JS Corrugating 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 JS Corrugating Machinery 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 JS Corrugating i.e., JS Corrugating and Biwin Storage go up and down completely randomly.
Pair Corralation between JS Corrugating and Biwin Storage
Assuming the 90 days trading horizon JS Corrugating Machinery is expected to under-perform the Biwin Storage. In addition to that, JS Corrugating is 1.11 times more volatile than Biwin Storage Technology. It trades about -0.06 of its total potential returns per unit of risk. Biwin Storage Technology is currently generating about -0.06 per unit of volatility. If you would invest 6,292 in Biwin Storage Technology on August 31, 2024 and sell it today you would lose (400.00) from holding Biwin Storage Technology or give up 6.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
JS Corrugating Machinery vs. Biwin Storage Technology
Performance |
| Timeline |
| JS Corrugating Machinery |
| Biwin Storage Technology |
JS Corrugating and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JS Corrugating and Biwin Storage
The main advantage of trading using opposite JS Corrugating and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JS Corrugating 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.| JS Corrugating vs. Cultural Investment Holdings | JS Corrugating vs. Gome Telecom Equipment | JS Corrugating vs. Bus Online Co | JS Corrugating vs. Holitech Technology Co |
| Biwin Storage vs. Kweichow Moutai Co | Biwin Storage vs. NAURA Technology Group | Biwin Storage vs. APT Medical | Biwin Storage vs. Contemporary Amperex 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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