Correlation Between Qiming Information and Biwin Storage
Specify exactly 2 symbols:
By analyzing existing cross correlation between Qiming Information Technology and Biwin Storage Technology, you can compare the effects of market volatilities on Qiming Information 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 Qiming Information with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qiming Information and Biwin Storage.
Diversification Opportunities for Qiming Information and Biwin Storage
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Qiming and Biwin is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Qiming Information Technology 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 Qiming Information 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 Qiming Information Technology 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 Qiming Information i.e., Qiming Information and Biwin Storage go up and down completely randomly.
Pair Corralation between Qiming Information and Biwin Storage
Assuming the 90 days trading horizon Qiming Information Technology is expected to generate 0.93 times more return on investment than Biwin Storage. However, Qiming Information Technology is 1.07 times less risky than Biwin Storage. It trades about 0.11 of its potential returns per unit of risk. Biwin Storage Technology is currently generating about 0.1 per unit of risk. If you would invest 1,714 in Qiming Information Technology on November 7, 2024 and sell it today you would earn a total of 78.00 from holding Qiming Information Technology or generate 4.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qiming Information Technology vs. Biwin Storage Technology
Performance |
| Timeline |
| Qiming Information |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Biwin Storage Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Qiming Information and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qiming Information and Biwin Storage
The main advantage of trading using opposite Qiming Information and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qiming Information 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.The idea behind Qiming Information Technology and Biwin Storage Technology pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |