Correlation Between Ping An and Biwin Storage
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By analyzing existing cross correlation between Ping An Insurance and Biwin Storage Technology, you can compare the effects of market volatilities on Ping An 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 Ping An with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Biwin Storage.
Diversification Opportunities for Ping An and Biwin Storage
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ping and Biwin is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance 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 Ping An 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 Ping An Insurance 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 Ping An i.e., Ping An and Biwin Storage go up and down completely randomly.
Pair Corralation between Ping An and Biwin Storage
Assuming the 90 days trading horizon Ping An is expected to generate 1.42 times less return on investment than Biwin Storage. But when comparing it to its historical volatility, Ping An Insurance is 2.08 times less risky than Biwin Storage. It trades about 0.08 of its potential returns per unit of risk. Biwin Storage Technology is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 4,720 in Biwin Storage Technology on August 25, 2024 and sell it today you would earn a total of 920.00 from holding Biwin Storage Technology or generate 19.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Biwin Storage Technology
Performance |
| Timeline |
| Ping An Insurance |
| Biwin Storage Technology |
Ping An and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Biwin Storage
The main advantage of trading using opposite Ping An and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An 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.| Ping An vs. Ming Yang Smart | Ping An vs. 159681 | Ping An vs. 159005 | Ping An vs. Loctek Ergonomic Technology |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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