Correlation Between Biwin Storage and HanS Laser
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By analyzing existing cross correlation between Biwin Storage Technology and HanS Laser Tech, you can compare the effects of market volatilities on Biwin Storage and HanS Laser 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 HanS Laser. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and HanS Laser.
Diversification Opportunities for Biwin Storage and HanS Laser
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Biwin and HanS is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and HanS Laser Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HanS Laser Tech 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 HanS Laser. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HanS Laser Tech has no effect on the direction of Biwin Storage i.e., Biwin Storage and HanS Laser go up and down completely randomly.
Pair Corralation between Biwin Storage and HanS Laser
Assuming the 90 days trading horizon Biwin Storage Technology is expected to generate 1.68 times more return on investment than HanS Laser. However, Biwin Storage is 1.68 times more volatile than HanS Laser Tech. It trades about 0.06 of its potential returns per unit of risk. HanS Laser Tech is currently generating about 0.08 per unit of risk. If you would invest 4,812 in Biwin Storage Technology on August 29, 2024 and sell it today you would earn a total of 1,135 from holding Biwin Storage Technology or generate 23.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. HanS Laser Tech
Performance |
| Timeline |
| Biwin Storage Technology |
| HanS Laser Tech |
Biwin Storage and HanS Laser Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and HanS Laser
The main advantage of trading using opposite Biwin Storage and HanS Laser positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, HanS Laser 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 HanS Laser will offset losses from the drop in HanS Laser's long position.| Biwin Storage vs. China State Construction | Biwin Storage vs. Huafa Industrial Co | Biwin Storage vs. China International Capital | Biwin Storage vs. Kweichow Moutai Co |
| HanS Laser vs. PetroChina Co Ltd | HanS Laser vs. China State Construction | HanS Laser vs. China Mobile Limited | HanS Laser vs. Industrial and Commercial |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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