Correlation Between Biwin Storage and Success Electronics
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By analyzing existing cross correlation between Biwin Storage Technology and Success Electronics, you can compare the effects of market volatilities on Biwin Storage and Success Electronics 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 Success Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Success Electronics.
Diversification Opportunities for Biwin Storage and Success Electronics
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Biwin and Success is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Success Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Success Electronics 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 Success Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Success Electronics has no effect on the direction of Biwin Storage i.e., Biwin Storage and Success Electronics go up and down completely randomly.
Pair Corralation between Biwin Storage and Success Electronics
Assuming the 90 days trading horizon Biwin Storage Technology is expected to generate 1.77 times more return on investment than Success Electronics. However, Biwin Storage is 1.77 times more volatile than Success Electronics. It trades about 0.07 of its potential returns per unit of risk. Success Electronics is currently generating about -0.05 per unit of risk. If you would invest 2,289 in Biwin Storage Technology on October 27, 2024 and sell it today you would earn a total of 4,019 from holding Biwin Storage Technology or generate 175.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. Success Electronics
Performance |
| Timeline |
| Biwin Storage Technology |
| Success Electronics |
Biwin Storage and Success Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Success Electronics
The main advantage of trading using opposite Biwin Storage and Success Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Success Electronics 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 Success Electronics will offset losses from the drop in Success Electronics' long position.| Biwin Storage vs. Cloud Live Technology | Biwin Storage vs. Nanjing Putian Telecommunications | Biwin Storage vs. Shenzhen Coship Electronics | Biwin Storage vs. Shenzhen Hifuture Electric |
| Success Electronics vs. Guangzhou Zhujiang Brewery | Success Electronics vs. Chongqing Brewery Co | Success Electronics vs. Harbin Hatou Investment | Success Electronics vs. Beijing Yanjing Brewery |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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