Correlation Between Biwin Storage and Citic Offshore
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By analyzing existing cross correlation between Biwin Storage Technology and Citic Offshore Helicopter, you can compare the effects of market volatilities on Biwin Storage and Citic Offshore 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 Biwin Storage with a short position of Citic Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Citic Offshore.
Diversification Opportunities for Biwin Storage and Citic Offshore
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Biwin and Citic is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Citic Offshore Helicopter in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citic Offshore Helicopter and Biwin Storage 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 Biwin Storage Technology are associated (or correlated) with Citic Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citic Offshore Helicopter has no effect on the direction of Biwin Storage i.e., Biwin Storage and Citic Offshore go up and down completely randomly.
Pair Corralation between Biwin Storage and Citic Offshore
Assuming the 90 days trading horizon Biwin Storage Technology is expected to generate 0.86 times more return on investment than Citic Offshore. However, Biwin Storage Technology is 1.16 times less risky than Citic Offshore. It trades about -0.03 of its potential returns per unit of risk. Citic Offshore Helicopter is currently generating about -0.23 per unit of risk. If you would invest 6,488 in Biwin Storage Technology on October 29, 2024 and sell it today you would lose (180.00) from holding Biwin Storage Technology or give up 2.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. Citic Offshore Helicopter
Performance |
| Timeline |
| Biwin Storage Technology |
| Citic Offshore Helicopter |
Biwin Storage and Citic Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Citic Offshore
The main advantage of trading using opposite Biwin Storage and Citic Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Citic Offshore 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 Citic Offshore will offset losses from the drop in Citic Offshore's long position.| Biwin Storage vs. HaiXin Foods Co | Biwin Storage vs. Muyuan Foodstuff Co | Biwin Storage vs. Youyou Foods Co | Biwin Storage vs. Tonghua Grape Wine |
| Citic Offshore vs. Linewell Software Co | Citic Offshore vs. Haima Automobile Group | Citic Offshore vs. Beijing Bewinner Communications | Citic Offshore vs. Songz Automobile Air |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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