Correlation Between Spring Airlines and Biwin Storage
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By analyzing existing cross correlation between Spring Airlines Co and Biwin Storage Technology, you can compare the effects of market volatilities on Spring Airlines 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 Spring Airlines with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spring Airlines and Biwin Storage.
Diversification Opportunities for Spring Airlines and Biwin Storage
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Spring and Biwin is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Spring Airlines 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 Spring Airlines 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 Spring Airlines 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 Spring Airlines i.e., Spring Airlines and Biwin Storage go up and down completely randomly.
Pair Corralation between Spring Airlines and Biwin Storage
Assuming the 90 days trading horizon Spring Airlines Co is expected to generate 0.53 times more return on investment than Biwin Storage. However, Spring Airlines Co is 1.88 times less risky than Biwin Storage. It trades about -0.2 of its potential returns per unit of risk. Biwin Storage Technology is currently generating about -0.15 per unit of risk. If you would invest 5,776 in Spring Airlines Co on October 27, 2024 and sell it today you would lose (402.00) from holding Spring Airlines Co or give up 6.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Spring Airlines Co vs. Biwin Storage Technology
Performance |
| Timeline |
| Spring Airlines |
| Biwin Storage Technology |
Spring Airlines and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spring Airlines and Biwin Storage
The main advantage of trading using opposite Spring Airlines and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spring Airlines 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.| Spring Airlines vs. Gem Year Industrial Co | Spring Airlines vs. Guangzhou Jointas Chemical | Spring Airlines vs. HeBei Jinniu Chemical | Spring Airlines vs. Xilong Chemical Co |
| Biwin Storage vs. Cloud Live Technology | Biwin Storage vs. Nanjing Putian Telecommunications | Biwin Storage vs. Shenzhen Coship Electronics | Biwin Storage vs. Shenzhen Hifuture Electric |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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