Correlation Between Biwin Storage and Qiming Information
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By analyzing existing cross correlation between Biwin Storage Technology and Qiming Information Technology, you can compare the effects of market volatilities on Biwin Storage and Qiming Information 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 Qiming Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Qiming Information.
Diversification Opportunities for Biwin Storage and Qiming Information
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Biwin and Qiming is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Qiming Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qiming Information 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 Qiming Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qiming Information has no effect on the direction of Biwin Storage i.e., Biwin Storage and Qiming Information go up and down completely randomly.
Pair Corralation between Biwin Storage and Qiming Information
Assuming the 90 days trading horizon Biwin Storage Technology is expected to generate 1.34 times more return on investment than Qiming Information. However, Biwin Storage is 1.34 times more volatile than Qiming Information Technology. It trades about 0.06 of its potential returns per unit of risk. Qiming Information Technology is currently generating about 0.03 per unit of risk. If you would invest 2,192 in Biwin Storage Technology on October 30, 2024 and sell it today you would earn a total of 3,758 from holding Biwin Storage Technology or generate 171.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. Qiming Information Technology
Performance |
| Timeline |
| Biwin Storage Technology |
| Qiming Information |
Biwin Storage and Qiming Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Qiming Information
The main advantage of trading using opposite Biwin Storage and Qiming Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Qiming Information 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 Qiming Information will offset losses from the drop in Qiming Information's long position.| Biwin Storage vs. Xiandai Investment Co | Biwin Storage vs. Jiangsu Yueda Investment | Biwin Storage vs. Tieling Newcity Investment | Biwin Storage vs. Jointo Energy Investment |
| Qiming Information vs. Bank of China | Qiming Information vs. Kweichow Moutai Co | Qiming Information vs. PetroChina Co Ltd | Qiming Information vs. Bank of Communications |
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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