Correlation Between Xizi Clean and Biwin Storage
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xizi Clean Energy and Biwin Storage Technology, you can compare the effects of market volatilities on Xizi Clean 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 Xizi Clean with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xizi Clean and Biwin Storage.
Diversification Opportunities for Xizi Clean and Biwin Storage
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Xizi and Biwin is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Xizi Clean Energy 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 Xizi Clean 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 Xizi Clean Energy 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 Xizi Clean i.e., Xizi Clean and Biwin Storage go up and down completely randomly.
Pair Corralation between Xizi Clean and Biwin Storage
Assuming the 90 days trading horizon Xizi Clean Energy is expected to under-perform the Biwin Storage. But the stock apears to be less risky and, when comparing its historical volatility, Xizi Clean Energy is 1.52 times less risky than Biwin Storage. The stock trades about -0.07 of its potential returns per unit of risk. The Biwin Storage Technology is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 5,779 in Biwin Storage Technology on September 18, 2024 and sell it today you would earn a total of 155.00 from holding Biwin Storage Technology or generate 2.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xizi Clean Energy vs. Biwin Storage Technology
Performance |
| Timeline |
| Xizi Clean Energy |
| Biwin Storage Technology |
Xizi Clean and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xizi Clean and Biwin Storage
The main advantage of trading using opposite Xizi Clean and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xizi Clean 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.| Xizi Clean vs. Industrial and Commercial | Xizi Clean vs. Kweichow Moutai Co | Xizi Clean vs. Agricultural Bank of | Xizi Clean vs. China Mobile Limited |
| Biwin Storage vs. Nanjing Putian Telecommunications | Biwin Storage vs. Tianjin Realty Development | Biwin Storage vs. Kangyue Technology Co | Biwin Storage vs. Shenzhen Hifuture Electric |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Stocks Directory Find actively traded stocks across global markets |