Correlation Between Biwin Storage and Mango Excellent
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By analyzing existing cross correlation between Biwin Storage Technology and Mango Excellent Media, you can compare the effects of market volatilities on Biwin Storage and Mango Excellent 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 Mango Excellent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Mango Excellent.
Diversification Opportunities for Biwin Storage and Mango Excellent
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Biwin and Mango is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Mango Excellent Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mango Excellent Media 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 Mango Excellent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mango Excellent Media has no effect on the direction of Biwin Storage i.e., Biwin Storage and Mango Excellent go up and down completely randomly.
Pair Corralation between Biwin Storage and Mango Excellent
Assuming the 90 days trading horizon Biwin Storage Technology is expected to under-perform the Mango Excellent. In addition to that, Biwin Storage is 1.6 times more volatile than Mango Excellent Media. It trades about 0.0 of its total potential returns per unit of risk. Mango Excellent Media is currently generating about 0.01 per unit of volatility. If you would invest 3,071 in Mango Excellent Media on August 31, 2024 and sell it today you would lose (189.00) from holding Mango Excellent Media or give up 6.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. Mango Excellent Media
Performance |
| Timeline |
| Biwin Storage Technology |
| Mango Excellent Media |
Biwin Storage and Mango Excellent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Mango Excellent
The main advantage of trading using opposite Biwin Storage and Mango Excellent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Mango Excellent 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 Mango Excellent will offset losses from the drop in Mango Excellent's long position.| Biwin Storage vs. Kweichow Moutai Co | Biwin Storage vs. NAURA Technology Group | Biwin Storage vs. APT Medical | Biwin Storage vs. Contemporary Amperex Technology |
| Mango Excellent vs. China State Construction | Mango Excellent vs. China Merchants Shekou | Mango Excellent vs. Huafa Industrial Co | Mango Excellent vs. China International Capital |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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