Correlation Between Beijing Bewinner and Bangyan Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Bewinner Communications and Bangyan Technology Co, you can compare the effects of market volatilities on Beijing Bewinner and Bangyan Technology 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 Bangyan Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and Bangyan Technology.
Diversification Opportunities for Beijing Bewinner and Bangyan Technology
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Beijing and Bangyan is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication and Bangyan Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bangyan Technology 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 Bangyan Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bangyan Technology has no effect on the direction of Beijing Bewinner i.e., Beijing Bewinner and Bangyan Technology go up and down completely randomly.
Pair Corralation between Beijing Bewinner and Bangyan Technology
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to under-perform the Bangyan Technology. In addition to that, Beijing Bewinner is 1.43 times more volatile than Bangyan Technology Co. It trades about -0.35 of its total potential returns per unit of risk. Bangyan Technology Co is currently generating about -0.16 per unit of volatility. If you would invest 1,884 in Bangyan Technology Co on October 17, 2024 and sell it today you would lose (211.00) from holding Bangyan Technology Co or give up 11.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bewinner Communication vs. Bangyan Technology Co
Performance |
| Timeline |
| Beijing Bewinner Com |
| Bangyan Technology |
Beijing Bewinner and Bangyan Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and Bangyan Technology
The main advantage of trading using opposite Beijing Bewinner and Bangyan Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner position performs unexpectedly, Bangyan Technology 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 Bangyan Technology will offset losses from the drop in Bangyan Technology's long position.| Beijing Bewinner vs. Hygon Information Technology | Beijing Bewinner vs. Emdoor Information Co | Beijing Bewinner vs. Sublime China Information | Beijing Bewinner vs. Goodwill E Health |
| Bangyan Technology vs. Beijing Bewinner Communications | Bangyan Technology vs. Eastern Air Logistics | Bangyan Technology vs. Zhonghong Pulin Medical | Bangyan Technology vs. Zhongzhu Medical Holdings |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |