Correlation Between Biwin Storage and Ningxia Xiaoming
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By analyzing existing cross correlation between Biwin Storage Technology and Ningxia Xiaoming Agriculture, you can compare the effects of market volatilities on Biwin Storage and Ningxia Xiaoming 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 Ningxia Xiaoming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Ningxia Xiaoming.
Diversification Opportunities for Biwin Storage and Ningxia Xiaoming
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Biwin and Ningxia is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Ningxia Xiaoming Agriculture in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningxia Xiaoming Agr 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 Ningxia Xiaoming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningxia Xiaoming Agr has no effect on the direction of Biwin Storage i.e., Biwin Storage and Ningxia Xiaoming go up and down completely randomly.
Pair Corralation between Biwin Storage and Ningxia Xiaoming
Assuming the 90 days trading horizon Biwin Storage Technology is expected to under-perform the Ningxia Xiaoming. In addition to that, Biwin Storage is 1.29 times more volatile than Ningxia Xiaoming Agriculture. It trades about -0.01 of its total potential returns per unit of risk. Ningxia Xiaoming Agriculture is currently generating about 0.13 per unit of volatility. If you would invest 1,252 in Ningxia Xiaoming Agriculture on September 4, 2024 and sell it today you would earn a total of 97.00 from holding Ningxia Xiaoming Agriculture or generate 7.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. Ningxia Xiaoming Agriculture
Performance |
| Timeline |
| Biwin Storage Technology |
| Ningxia Xiaoming Agr |
Biwin Storage and Ningxia Xiaoming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Ningxia Xiaoming
The main advantage of trading using opposite Biwin Storage and Ningxia Xiaoming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Ningxia Xiaoming 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 Ningxia Xiaoming will offset losses from the drop in Ningxia Xiaoming's long position.| Biwin Storage vs. Ningxia Younglight Chemicals | Biwin Storage vs. Dymatic Chemicals | Biwin Storage vs. Miracll Chemicals Co | Biwin Storage vs. Shenyang Chemical Industry |
| Ningxia Xiaoming vs. Agricultural Bank of | Ningxia Xiaoming vs. Industrial and Commercial | Ningxia Xiaoming vs. Bank of China | Ningxia Xiaoming 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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