Correlation Between Biwin Storage and NAURA Technology
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By analyzing existing cross correlation between Biwin Storage Technology and NAURA Technology Group, you can compare the effects of market volatilities on Biwin Storage and NAURA Technology 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 NAURA Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and NAURA Technology.
Diversification Opportunities for Biwin Storage and NAURA Technology
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Biwin and NAURA is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and NAURA Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAURA Technology 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 NAURA Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NAURA Technology has no effect on the direction of Biwin Storage i.e., Biwin Storage and NAURA Technology go up and down completely randomly.
Pair Corralation between Biwin Storage and NAURA Technology
Assuming the 90 days trading horizon Biwin Storage Technology is expected to under-perform the NAURA Technology. In addition to that, Biwin Storage is 1.17 times more volatile than NAURA Technology Group. It trades about -0.07 of its total potential returns per unit of risk. NAURA Technology Group is currently generating about 0.1 per unit of volatility. If you would invest 38,870 in NAURA Technology Group on August 30, 2024 and sell it today you would earn a total of 2,427 from holding NAURA Technology Group or generate 6.24% 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. NAURA Technology Group
Performance |
| Timeline |
| Biwin Storage Technology |
| NAURA Technology |
Biwin Storage and NAURA Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and NAURA Technology
The main advantage of trading using opposite Biwin Storage and NAURA Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, NAURA Technology 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 NAURA Technology will offset losses from the drop in NAURA Technology's long position.| Biwin Storage vs. Ming Yang Smart | Biwin Storage vs. 159681 | Biwin Storage vs. 159005 | Biwin Storage vs. 516220 |
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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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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