Correlation Between Beijing Bewinner and Shanghai Sanyou
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By analyzing existing cross correlation between Beijing Bewinner Communications and Shanghai Sanyou Medical, you can compare the effects of market volatilities on Beijing Bewinner and Shanghai Sanyou 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 Shanghai Sanyou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and Shanghai Sanyou.
Diversification Opportunities for Beijing Bewinner and Shanghai Sanyou
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Beijing and Shanghai is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication and Shanghai Sanyou Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Sanyou Medical 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 Shanghai Sanyou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Sanyou Medical has no effect on the direction of Beijing Bewinner i.e., Beijing Bewinner and Shanghai Sanyou go up and down completely randomly.
Pair Corralation between Beijing Bewinner and Shanghai Sanyou
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to generate 1.43 times more return on investment than Shanghai Sanyou. However, Beijing Bewinner is 1.43 times more volatile than Shanghai Sanyou Medical. It trades about 0.03 of its potential returns per unit of risk. Shanghai Sanyou Medical is currently generating about -0.2 per unit of risk. If you would invest 661.00 in Beijing Bewinner Communications on November 1, 2024 and sell it today you would earn a total of 4.00 from holding Beijing Bewinner Communications or generate 0.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bewinner Communication vs. Shanghai Sanyou Medical
Performance |
| Timeline |
| Beijing Bewinner Com |
| Shanghai Sanyou Medical |
Beijing Bewinner and Shanghai Sanyou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and Shanghai Sanyou
The main advantage of trading using opposite Beijing Bewinner and Shanghai Sanyou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner position performs unexpectedly, Shanghai Sanyou 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 Shanghai Sanyou will offset losses from the drop in Shanghai Sanyou's long position.| Beijing Bewinner vs. Shenyang Chemical Industry | Beijing Bewinner vs. Cicc Fund Management | Beijing Bewinner vs. Guangzhou Restaurants Group | Beijing Bewinner vs. Shandong Rike Chemical |
| Shanghai Sanyou vs. Agricultural Bank of | Shanghai Sanyou vs. Industrial and Commercial | Shanghai Sanyou vs. Bank of China | Shanghai Sanyou vs. China Construction Bank |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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