Correlation Between Biwin Storage and Beijing Sinnet
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By analyzing existing cross correlation between Biwin Storage Technology and Beijing Sinnet Technology, you can compare the effects of market volatilities on Biwin Storage and Beijing Sinnet 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 Beijing Sinnet. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Beijing Sinnet.
Diversification Opportunities for Biwin Storage and Beijing Sinnet
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Biwin and Beijing is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Beijing Sinnet Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Sinnet 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 Beijing Sinnet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Sinnet Technology has no effect on the direction of Biwin Storage i.e., Biwin Storage and Beijing Sinnet go up and down completely randomly.
Pair Corralation between Biwin Storage and Beijing Sinnet
Assuming the 90 days trading horizon Biwin Storage Technology is expected to under-perform the Beijing Sinnet. In addition to that, Biwin Storage is 1.18 times more volatile than Beijing Sinnet Technology. It trades about -0.03 of its total potential returns per unit of risk. Beijing Sinnet Technology is currently generating about 0.08 per unit of volatility. If you would invest 1,084 in Beijing Sinnet Technology on September 1, 2024 and sell it today you would earn a total of 58.00 from holding Beijing Sinnet Technology or generate 5.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Biwin Storage Technology vs. Beijing Sinnet Technology
Performance |
| Timeline |
| Biwin Storage Technology |
| Beijing Sinnet Technology |
Biwin Storage and Beijing Sinnet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Beijing Sinnet
The main advantage of trading using opposite Biwin Storage and Beijing Sinnet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Beijing Sinnet 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 Beijing Sinnet will offset losses from the drop in Beijing Sinnet's long position.| Biwin Storage vs. Industrial and Commercial | Biwin Storage vs. Kweichow Moutai Co | Biwin Storage vs. Agricultural Bank of | Biwin Storage vs. China Mobile Limited |
| Beijing Sinnet vs. Biwin Storage Technology | Beijing Sinnet vs. PetroChina Co Ltd | Beijing Sinnet vs. Industrial and Commercial | Beijing Sinnet vs. China Construction Bank |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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