Correlation Between Biwin Storage and Tianjin Hi
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By analyzing existing cross correlation between Biwin Storage Technology and Tianjin Hi Tech Development, you can compare the effects of market volatilities on Biwin Storage and Tianjin Hi 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 Tianjin Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Tianjin Hi.
Diversification Opportunities for Biwin Storage and Tianjin Hi
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Biwin and Tianjin is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Tianjin Hi Tech Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Hi Tech 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 Tianjin Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Hi Tech has no effect on the direction of Biwin Storage i.e., Biwin Storage and Tianjin Hi go up and down completely randomly.
Pair Corralation between Biwin Storage and Tianjin Hi
Assuming the 90 days trading horizon Biwin Storage Technology is expected to generate 1.93 times more return on investment than Tianjin Hi. However, Biwin Storage is 1.93 times more volatile than Tianjin Hi Tech Development. It trades about 0.07 of its potential returns per unit of risk. Tianjin Hi Tech Development is currently generating about 0.0 per unit of risk. If you would invest 2,267 in Biwin Storage Technology on October 29, 2024 and sell it today you would earn a total of 4,041 from holding Biwin Storage Technology or generate 178.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. Tianjin Hi Tech Development
Performance |
| Timeline |
| Biwin Storage Technology |
| Tianjin Hi Tech |
Biwin Storage and Tianjin Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Tianjin Hi
The main advantage of trading using opposite Biwin Storage and Tianjin Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Tianjin Hi 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 Tianjin Hi will offset losses from the drop in Tianjin Hi'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 |
| Tianjin Hi vs. Queclink Wireless Solutions | Tianjin Hi vs. HeBei Jinniu Chemical | Tianjin Hi vs. Nanning Chemical Industry | Tianjin Hi vs. Dymatic Chemicals |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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