Correlation Between Anhui Transport and Biwin Storage
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By analyzing existing cross correlation between Anhui Transport Consulting and Biwin Storage Technology, you can compare the effects of market volatilities on Anhui Transport 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 Anhui Transport with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Transport and Biwin Storage.
Diversification Opportunities for Anhui Transport and Biwin Storage
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Anhui and Biwin is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Transport Consulting 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 Anhui Transport 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 Anhui Transport Consulting 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 Anhui Transport i.e., Anhui Transport and Biwin Storage go up and down completely randomly.
Pair Corralation between Anhui Transport and Biwin Storage
Assuming the 90 days trading horizon Anhui Transport Consulting is expected to generate 0.6 times more return on investment than Biwin Storage. However, Anhui Transport Consulting is 1.68 times less risky than Biwin Storage. It trades about 0.1 of its potential returns per unit of risk. Biwin Storage Technology is currently generating about -0.03 per unit of risk. If you would invest 938.00 in Anhui Transport Consulting on September 1, 2024 and sell it today you would earn a total of 45.00 from holding Anhui Transport Consulting or generate 4.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Transport Consulting vs. Biwin Storage Technology
Performance |
| Timeline |
| Anhui Transport Cons |
| Biwin Storage Technology |
Anhui Transport and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Transport and Biwin Storage
The main advantage of trading using opposite Anhui Transport and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Transport 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.| Anhui Transport vs. Biwin Storage Technology | Anhui Transport vs. PetroChina Co Ltd | Anhui Transport vs. Industrial and Commercial | Anhui Transport vs. China Construction Bank |
| Biwin Storage vs. Industrial and Commercial | Biwin Storage vs. Kweichow Moutai Co | Biwin Storage vs. Agricultural Bank of | Biwin Storage vs. China Mobile Limited |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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