Correlation Between Keda Clean and Biwin Storage
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By analyzing existing cross correlation between Keda Clean Energy and Biwin Storage Technology, you can compare the effects of market volatilities on Keda Clean 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 Keda Clean with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and Biwin Storage.
Diversification Opportunities for Keda Clean and Biwin Storage
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Keda and Biwin is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy 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 Keda Clean 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 Keda Clean Energy 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 Keda Clean i.e., Keda Clean and Biwin Storage go up and down completely randomly.
Pair Corralation between Keda Clean and Biwin Storage
Assuming the 90 days trading horizon Keda Clean Energy is expected to under-perform the Biwin Storage. But the stock apears to be less risky and, when comparing its historical volatility, Keda Clean Energy is 2.1 times less risky than Biwin Storage. The stock trades about -0.01 of its potential returns per unit of risk. The Biwin Storage Technology is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 6,730 in Biwin Storage Technology on January 22, 2025 and sell it today you would lose (551.00) from holding Biwin Storage Technology or give up 8.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keda Clean Energy vs. Biwin Storage Technology
Performance |
| Timeline |
| Keda Clean Energy |
| Biwin Storage Technology |
Keda Clean and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and Biwin Storage
The main advantage of trading using opposite Keda Clean and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean 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.| Keda Clean vs. Huawen Media Investment | Keda Clean vs. Guangzhou Restaurants Group | Keda Clean vs. Metro Investment Development | Keda Clean vs. Sinofibers Technology Co |
| Biwin Storage vs. Ming Yang Smart | Biwin Storage vs. 159681 | Biwin Storage vs. Loctek Ergonomic Technology | Biwin Storage vs. Yes Optoelectronics Co |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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