Correlation Between Grandblue Environment and Biwin Storage
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By analyzing existing cross correlation between Grandblue Environment Co and Biwin Storage Technology, you can compare the effects of market volatilities on Grandblue Environment 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 Grandblue Environment with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grandblue Environment and Biwin Storage.
Diversification Opportunities for Grandblue Environment and Biwin Storage
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Grandblue and Biwin is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Grandblue Environment 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 Grandblue Environment 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 Grandblue Environment 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 Grandblue Environment i.e., Grandblue Environment and Biwin Storage go up and down completely randomly.
Pair Corralation between Grandblue Environment and Biwin Storage
Assuming the 90 days trading horizon Grandblue Environment Co is expected to generate 0.56 times more return on investment than Biwin Storage. However, Grandblue Environment Co is 1.79 times less risky than Biwin Storage. It trades about 0.15 of its potential returns per unit of risk. Biwin Storage Technology is currently generating about 0.05 per unit of risk. If you would invest 2,205 in Grandblue Environment Co on September 20, 2024 and sell it today you would earn a total of 106.00 from holding Grandblue Environment Co or generate 4.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Grandblue Environment Co vs. Biwin Storage Technology
Performance |
| Timeline |
| Grandblue Environment |
| Biwin Storage Technology |
Grandblue Environment and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grandblue Environment and Biwin Storage
The main advantage of trading using opposite Grandblue Environment and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grandblue Environment 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.| Grandblue Environment vs. Biwin Storage Technology | Grandblue Environment vs. PetroChina Co Ltd | Grandblue Environment vs. Industrial and Commercial | Grandblue Environment vs. China Construction Bank |
| Biwin Storage vs. Luyin Investment Group | Biwin Storage vs. Cultural Investment Holdings | Biwin Storage vs. HanS Laser Tech | Biwin Storage vs. Zoje Resources 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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