Correlation Between By Health and Biwin Storage
Specify exactly 2 symbols:
By analyzing existing cross correlation between By health and Biwin Storage Technology, you can compare the effects of market volatilities on By Health 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 By Health with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of By Health and Biwin Storage.
Diversification Opportunities for By Health and Biwin Storage
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between 300146 and Biwin is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding By health 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 By Health 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 By health 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 By Health i.e., By Health and Biwin Storage go up and down completely randomly.
Pair Corralation between By Health and Biwin Storage
Assuming the 90 days trading horizon By health is expected to under-perform the Biwin Storage. But the stock apears to be less risky and, when comparing its historical volatility, By health is 2.17 times less risky than Biwin Storage. The stock trades about -0.04 of its potential returns per unit of risk. The Biwin Storage Technology is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 8,130 in Biwin Storage Technology on September 4, 2024 and sell it today you would lose (2,277) from holding Biwin Storage Technology or give up 28.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
By health vs. Biwin Storage Technology
Performance |
| Timeline |
| By health |
| Biwin Storage Technology |
By Health and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with By Health and Biwin Storage
The main advantage of trading using opposite By Health and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if By Health 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.| By Health vs. Biwin Storage Technology | By Health vs. PetroChina Co Ltd | By Health vs. Industrial and Commercial | By Health vs. China Construction Bank |
| Biwin Storage vs. Ningxia Younglight Chemicals | Biwin Storage vs. Dymatic Chemicals | Biwin Storage vs. Miracll Chemicals Co | Biwin Storage vs. Shenyang Chemical Industry |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| 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 | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |