Correlation Between Biwin Storage and Lens Technology
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By analyzing existing cross correlation between Biwin Storage Technology and Lens Technology Co, you can compare the effects of market volatilities on Biwin Storage and Lens 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 Lens Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Lens Technology.
Diversification Opportunities for Biwin Storage and Lens Technology
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Biwin and Lens is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Lens Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lens 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 Lens Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lens Technology has no effect on the direction of Biwin Storage i.e., Biwin Storage and Lens Technology go up and down completely randomly.
Pair Corralation between Biwin Storage and Lens Technology
Assuming the 90 days trading horizon Biwin Storage Technology is expected to under-perform the Lens Technology. But the stock apears to be less risky and, when comparing its historical volatility, Biwin Storage Technology is 2.03 times less risky than Lens Technology. The stock trades about -0.06 of its potential returns per unit of risk. The Lens Technology Co is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 2,196 in Lens Technology Co on October 28, 2024 and sell it today you would earn a total of 455.00 from holding Lens Technology Co or generate 20.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. Lens Technology Co
Performance |
| Timeline |
| Biwin Storage Technology |
| Lens Technology |
Biwin Storage and Lens Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Lens Technology
The main advantage of trading using opposite Biwin Storage and Lens Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Lens 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 Lens Technology will offset losses from the drop in Lens Technology's long position.| Biwin Storage vs. HaiXin Foods Co | Biwin Storage vs. Muyuan Foodstuff Co | Biwin Storage vs. Youyou Foods Co | Biwin Storage vs. Tonghua Grape Wine |
| Lens Technology vs. StarPower Semiconductor | Lens Technology vs. Jiangnan Mould Plastic | Lens Technology vs. Yuanjie Semiconductor Technology | Lens Technology vs. GRINM Semiconductor Materials |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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