Correlation Between Heren Health and Biwin Storage
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By analyzing existing cross correlation between Heren Health Co and Biwin Storage Technology, you can compare the effects of market volatilities on Heren 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 Heren Health with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heren Health and Biwin Storage.
Diversification Opportunities for Heren Health and Biwin Storage
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Heren and Biwin is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Heren Health Co 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 Heren 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 Heren Health Co 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 Heren Health i.e., Heren Health and Biwin Storage go up and down completely randomly.
Pair Corralation between Heren Health and Biwin Storage
Assuming the 90 days trading horizon Heren Health Co is expected to under-perform the Biwin Storage. In addition to that, Heren Health is 1.02 times more volatile than Biwin Storage Technology. It trades about -0.14 of its total potential returns per unit of risk. Biwin Storage Technology is currently generating about -0.03 per unit of volatility. If you would invest 6,150 in Biwin Storage Technology on October 16, 2024 and sell it today you would lose (238.00) from holding Biwin Storage Technology or give up 3.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heren Health Co vs. Biwin Storage Technology
Performance |
| Timeline |
| Heren Health |
| Biwin Storage Technology |
Heren Health and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heren Health and Biwin Storage
The main advantage of trading using opposite Heren Health and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heren 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.| Heren Health vs. Cultural Investment Holdings | Heren Health vs. Western Metal Materials | Heren Health vs. Nuode Investment Co | Heren Health vs. Vanfund Urban Investment |
| Biwin Storage vs. Sanbo Hospital Management | Biwin Storage vs. Heren Health Co | Biwin Storage vs. Dezhan HealthCare Co | Biwin Storage vs. Cicc Fund Management |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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