Correlation Between Sunny Loan and Biwin Storage
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By analyzing existing cross correlation between Sunny Loan Top and Biwin Storage Technology, you can compare the effects of market volatilities on Sunny Loan 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 Sunny Loan with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunny Loan and Biwin Storage.
Diversification Opportunities for Sunny Loan and Biwin Storage
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sunny and Biwin is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Sunny Loan Top 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 Sunny Loan 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 Sunny Loan Top 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 Sunny Loan i.e., Sunny Loan and Biwin Storage go up and down completely randomly.
Pair Corralation between Sunny Loan and Biwin Storage
Assuming the 90 days trading horizon Sunny Loan Top is expected to under-perform the Biwin Storage. In addition to that, Sunny Loan is 1.19 times more volatile than Biwin Storage Technology. It trades about -0.27 of its total potential returns per unit of risk. Biwin Storage Technology is currently generating about -0.01 per unit of volatility. If you would invest 6,030 in Biwin Storage Technology on October 12, 2024 and sell it today you would lose (131.00) from holding Biwin Storage Technology or give up 2.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sunny Loan Top vs. Biwin Storage Technology
Performance |
| Timeline |
| Sunny Loan Top |
| Biwin Storage Technology |
Sunny Loan and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sunny Loan and Biwin Storage
The main advantage of trading using opposite Sunny Loan and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunny Loan 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.| Sunny Loan vs. Chengdu Spaceon Electronics | Sunny Loan vs. Winner Medical Co | Sunny Loan vs. Eyebright Medical Technology | Sunny Loan vs. Sanbo Hospital Management |
| Biwin Storage vs. Southern PublishingMedia Co | Biwin Storage vs. Bomesc Offshore Engineering | Biwin Storage vs. Sunny Loan Top | Biwin Storage vs. Jiangsu Financial Leasing |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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