Correlation Between Hangzhou Gisway and Biwin Storage
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By analyzing existing cross correlation between Hangzhou Gisway Information and Biwin Storage Technology, you can compare the effects of market volatilities on Hangzhou Gisway 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 Hangzhou Gisway with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Gisway and Biwin Storage.
Diversification Opportunities for Hangzhou Gisway and Biwin Storage
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hangzhou and Biwin is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Gisway Information 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 Hangzhou Gisway 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 Hangzhou Gisway Information 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 Hangzhou Gisway i.e., Hangzhou Gisway and Biwin Storage go up and down completely randomly.
Pair Corralation between Hangzhou Gisway and Biwin Storage
Assuming the 90 days trading horizon Hangzhou Gisway is expected to generate 349.2 times less return on investment than Biwin Storage. But when comparing it to its historical volatility, Hangzhou Gisway Information is 1.45 times less risky than Biwin Storage. It trades about 0.0 of its potential returns per unit of risk. Biwin Storage Technology is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 2,192 in Biwin Storage Technology on October 30, 2024 and sell it today you would earn a total of 3,758 from holding Biwin Storage Technology or generate 171.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 87.73% |
| Values | Daily Returns |
Hangzhou Gisway Information vs. Biwin Storage Technology
Performance |
| Timeline |
| Hangzhou Gisway Info |
| Biwin Storage Technology |
Hangzhou Gisway and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Gisway and Biwin Storage
The main advantage of trading using opposite Hangzhou Gisway and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Gisway 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.| Hangzhou Gisway vs. China Sports Industry | Hangzhou Gisway vs. Queclink Wireless Solutions | Hangzhou Gisway vs. Shanghai Yanpu Metal | Hangzhou Gisway vs. Sportsoul Co Ltd |
| Biwin Storage vs. Xiandai Investment Co | Biwin Storage vs. Jiangsu Yueda Investment | Biwin Storage vs. Tieling Newcity Investment | Biwin Storage vs. Jointo Energy 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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