Correlation Between Beijing Bewinner and Zhejiang Yayi
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By analyzing existing cross correlation between Beijing Bewinner Communications and Zhejiang Yayi Metal, you can compare the effects of market volatilities on Beijing Bewinner and Zhejiang Yayi 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 Beijing Bewinner with a short position of Zhejiang Yayi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and Zhejiang Yayi.
Diversification Opportunities for Beijing Bewinner and Zhejiang Yayi
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beijing and Zhejiang is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication and Zhejiang Yayi Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Yayi Metal and Beijing Bewinner 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 Beijing Bewinner Communications are associated (or correlated) with Zhejiang Yayi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Yayi Metal has no effect on the direction of Beijing Bewinner i.e., Beijing Bewinner and Zhejiang Yayi go up and down completely randomly.
Pair Corralation between Beijing Bewinner and Zhejiang Yayi
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to generate 1.5 times more return on investment than Zhejiang Yayi. However, Beijing Bewinner is 1.5 times more volatile than Zhejiang Yayi Metal. It trades about -0.01 of its potential returns per unit of risk. Zhejiang Yayi Metal is currently generating about -0.02 per unit of risk. If you would invest 665.00 in Beijing Bewinner Communications on October 23, 2024 and sell it today you would lose (13.00) from holding Beijing Bewinner Communications or give up 1.95% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Beijing Bewinner Communication vs. Zhejiang Yayi Metal
Performance |
| Timeline |
| Beijing Bewinner Com |
| Zhejiang Yayi Metal |
Beijing Bewinner and Zhejiang Yayi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and Zhejiang Yayi
The main advantage of trading using opposite Beijing Bewinner and Zhejiang Yayi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner position performs unexpectedly, Zhejiang Yayi 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 Zhejiang Yayi will offset losses from the drop in Zhejiang Yayi's long position.| Beijing Bewinner vs. Kweichow Moutai Co | Beijing Bewinner vs. Shenzhen Mindray Bio Medical | Beijing Bewinner vs. Jiangsu Pacific Quartz | Beijing Bewinner vs. G bits Network Technology |
| Zhejiang Yayi vs. Porton Fine Chemicals | Zhejiang Yayi vs. Silkroad Visual Technology | Zhejiang Yayi vs. Jiangsu Broadcasting Cable | Zhejiang Yayi vs. Zhejiang Kingland Pipeline |
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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