Correlation Between Sany Heavy and Biwin Storage
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By analyzing existing cross correlation between Sany Heavy Energy and Biwin Storage Technology, you can compare the effects of market volatilities on Sany Heavy 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 Sany Heavy with a short position of Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sany Heavy and Biwin Storage.
Diversification Opportunities for Sany Heavy and Biwin Storage
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Sany and Biwin is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Sany Heavy Energy 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 Sany Heavy 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 Sany Heavy Energy 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 Sany Heavy i.e., Sany Heavy and Biwin Storage go up and down completely randomly.
Pair Corralation between Sany Heavy and Biwin Storage
Assuming the 90 days trading horizon Sany Heavy Energy is expected to generate 0.67 times more return on investment than Biwin Storage. However, Sany Heavy Energy is 1.49 times less risky than Biwin Storage. It trades about 0.18 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 2,934 in Sany Heavy Energy on September 1, 2024 and sell it today you would earn a total of 316.00 from holding Sany Heavy Energy or generate 10.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Sany Heavy Energy vs. Biwin Storage Technology
Performance |
| Timeline |
| Sany Heavy Energy |
| Biwin Storage Technology |
Sany Heavy and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sany Heavy and Biwin Storage
The main advantage of trading using opposite Sany Heavy and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sany Heavy 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.| Sany Heavy vs. Sanbo Hospital Management | Sany Heavy vs. Impulse Qingdao Health | Sany Heavy vs. Offcn Education Technology | Sany Heavy vs. By health |
| 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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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