Correlation Between Beken Corp and Biwin Storage
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By analyzing existing cross correlation between Beken Corp and Biwin Storage Technology, you can compare the effects of market volatilities on Beken Corp 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 Beken Corp with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beken Corp and Biwin Storage.
Diversification Opportunities for Beken Corp and Biwin Storage
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beken and Biwin is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Beken Corp 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 Beken Corp 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 Beken Corp 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 Beken Corp i.e., Beken Corp and Biwin Storage go up and down completely randomly.
Pair Corralation between Beken Corp and Biwin Storage
Assuming the 90 days trading horizon Beken Corp is expected to generate 1.58 times more return on investment than Biwin Storage. However, Beken Corp is 1.58 times more volatile than Biwin Storage Technology. It trades about 0.02 of its potential returns per unit of risk. Biwin Storage Technology is currently generating about -0.1 per unit of risk. If you would invest 3,363 in Beken Corp on October 15, 2024 and sell it today you would lose (19.00) from holding Beken Corp or give up 0.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beken Corp vs. Biwin Storage Technology
Performance |
| Timeline |
| Beken Corp |
| Biwin Storage Technology |
Beken Corp and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beken Corp and Biwin Storage
The main advantage of trading using opposite Beken Corp and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beken Corp 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.| Beken Corp vs. Biwin Storage Technology | Beken Corp vs. PetroChina Co Ltd | Beken Corp vs. Industrial and Commercial | Beken Corp vs. China Construction Bank |
| Biwin Storage vs. Gan Yuan Foods | Biwin Storage vs. Xiwang Foodstuffs Co | Biwin Storage vs. Tibet Huayu Mining | Biwin Storage vs. Chengtun Mining Group |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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