Correlation Between Beijing Bewinner and Anhui Transport
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Bewinner Communications and Anhui Transport Consulting, you can compare the effects of market volatilities on Beijing Bewinner and Anhui Transport 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 Anhui Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and Anhui Transport.
Diversification Opportunities for Beijing Bewinner and Anhui Transport
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Beijing and Anhui is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication and Anhui Transport Consulting in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Transport Cons 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 Anhui Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Transport Cons has no effect on the direction of Beijing Bewinner i.e., Beijing Bewinner and Anhui Transport go up and down completely randomly.
Pair Corralation between Beijing Bewinner and Anhui Transport
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to generate 1.71 times more return on investment than Anhui Transport. However, Beijing Bewinner is 1.71 times more volatile than Anhui Transport Consulting. It trades about 0.13 of its potential returns per unit of risk. Anhui Transport Consulting is currently generating about 0.08 per unit of risk. If you would invest 437.00 in Beijing Bewinner Communications on October 18, 2024 and sell it today you would earn a total of 197.00 from holding Beijing Bewinner Communications or generate 45.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bewinner Communication vs. Anhui Transport Consulting
Performance |
| Timeline |
| Beijing Bewinner Com |
| Anhui Transport Cons |
Beijing Bewinner and Anhui Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and Anhui Transport
The main advantage of trading using opposite Beijing Bewinner and Anhui Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner position performs unexpectedly, Anhui Transport 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 Anhui Transport will offset losses from the drop in Anhui Transport's long position.| Beijing Bewinner vs. Beijing Kingsoft Office | Beijing Bewinner vs. JiShi Media Co | Beijing Bewinner vs. Threes Company Media | Beijing Bewinner vs. Ningbo Homelink Eco iTech |
| Anhui Transport vs. Luyin Investment Group | Anhui Transport vs. Zhejiang Construction Investment | Anhui Transport vs. Kunwu Jiuding Investment | Anhui Transport vs. Beijing Bewinner Communications |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |