Correlation Between Biwin Storage and By Health
Specify exactly 2 symbols:
By analyzing existing cross correlation between Biwin Storage Technology and By health, you can compare the effects of market volatilities on Biwin Storage and By Health 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 By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and By Health.
Diversification Opportunities for Biwin Storage and By Health
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Biwin and 300146 is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health 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 By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Biwin Storage i.e., Biwin Storage and By Health go up and down completely randomly.
Pair Corralation between Biwin Storage and By Health
Assuming the 90 days trading horizon Biwin Storage Technology is expected to under-perform the By Health. In addition to that, Biwin Storage is 1.88 times more volatile than By health. It trades about -0.27 of its total potential returns per unit of risk. By health is currently generating about -0.15 per unit of volatility. If you would invest 1,362 in By health on September 12, 2024 and sell it today you would lose (74.00) from holding By health or give up 5.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. By health
Performance |
| Timeline |
| Biwin Storage Technology |
| By health |
Biwin Storage and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and By Health
The main advantage of trading using opposite Biwin Storage and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| Biwin Storage vs. Gansu Jiu Steel | Biwin Storage vs. Shandong Mining Machinery | Biwin Storage vs. Aba Chemicals Corp | Biwin Storage vs. BlueFocus Communication Group |
| By Health vs. China Petroleum Chemical | By Health vs. PetroChina Co Ltd | By Health vs. China State Construction | By Health vs. China Railway Group |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |