Correlation Between Biwin Storage and Sharetronic Data
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By analyzing existing cross correlation between Biwin Storage Technology and Sharetronic Data Technology, you can compare the effects of market volatilities on Biwin Storage and Sharetronic Data 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 Sharetronic Data. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Sharetronic Data.
Diversification Opportunities for Biwin Storage and Sharetronic Data
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Biwin and Sharetronic is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Sharetronic Data Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sharetronic Data Tec 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 Sharetronic Data. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sharetronic Data Tec has no effect on the direction of Biwin Storage i.e., Biwin Storage and Sharetronic Data go up and down completely randomly.
Pair Corralation between Biwin Storage and Sharetronic Data
Assuming the 90 days trading horizon Biwin Storage is expected to generate 4.57 times less return on investment than Sharetronic Data. In addition to that, Biwin Storage is 1.12 times more volatile than Sharetronic Data Technology. It trades about 0.02 of its total potential returns per unit of risk. Sharetronic Data Technology is currently generating about 0.09 per unit of volatility. If you would invest 2,589 in Sharetronic Data Technology on December 4, 2024 and sell it today you would earn a total of 8,379 from holding Sharetronic Data Technology or generate 323.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. Sharetronic Data Technology
Performance |
| Timeline |
| Biwin Storage Technology |
| Sharetronic Data Tec |
Biwin Storage and Sharetronic Data Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Sharetronic Data
The main advantage of trading using opposite Biwin Storage and Sharetronic Data positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Sharetronic Data 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 Sharetronic Data will offset losses from the drop in Sharetronic Data's long position.| Biwin Storage vs. Union Semiconductor Co | Biwin Storage vs. Jiangsu Yueda Investment | Biwin Storage vs. Zoje Resources Investment | Biwin Storage vs. Hubei Tech Semiconductors |
| Sharetronic Data vs. Guangzhou Jointas Chemical | Sharetronic Data vs. Hainan Airlines Co | Sharetronic Data vs. Lianhe Chemical Technology | Sharetronic Data vs. Miracll Chemicals Co |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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