Correlation Between Kidswant Children and Biwin Storage
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By analyzing existing cross correlation between Kidswant Children Products and Biwin Storage Technology, you can compare the effects of market volatilities on Kidswant Children 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 Kidswant Children with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kidswant Children and Biwin Storage.
Diversification Opportunities for Kidswant Children and Biwin Storage
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kidswant and Biwin is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Kidswant Children Products 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 Kidswant Children 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 Kidswant Children Products 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 Kidswant Children i.e., Kidswant Children and Biwin Storage go up and down completely randomly.
Pair Corralation between Kidswant Children and Biwin Storage
Assuming the 90 days trading horizon Kidswant Children Products is expected to generate 1.33 times more return on investment than Biwin Storage. However, Kidswant Children is 1.33 times more volatile than Biwin Storage Technology. It trades about 0.07 of its potential returns per unit of risk. Biwin Storage Technology is currently generating about -0.02 per unit of risk. If you would invest 1,149 in Kidswant Children Products on October 25, 2024 and sell it today you would earn a total of 180.00 from holding Kidswant Children Products or generate 15.67% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Kidswant Children Products vs. Biwin Storage Technology
Performance |
Timeline |
Kidswant Children |
Biwin Storage Technology |
Kidswant Children and Biwin Storage Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kidswant Children and Biwin Storage
The main advantage of trading using opposite Kidswant Children and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kidswant Children 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.Kidswant Children vs. PetroChina Co Ltd | Kidswant Children vs. Gansu Jiu Steel | Kidswant Children vs. Ming Yang Smart | Kidswant Children vs. Aba Chemicals Corp |
Biwin Storage vs. Offshore Oil Engineering | Biwin Storage vs. Hainan Mining Co | Biwin Storage vs. CSSC Offshore Marine | Biwin Storage vs. Chengtun Mining Group |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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