Correlation Between Biwin Storage and Tengda Construction
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By analyzing existing cross correlation between Biwin Storage Technology and Tengda Construction Group, you can compare the effects of market volatilities on Biwin Storage and Tengda Construction 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 Tengda Construction. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Tengda Construction.
Diversification Opportunities for Biwin Storage and Tengda Construction
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Biwin and Tengda is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Tengda Construction Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tengda Construction 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 Tengda Construction. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tengda Construction has no effect on the direction of Biwin Storage i.e., Biwin Storage and Tengda Construction go up and down completely randomly.
Pair Corralation between Biwin Storage and Tengda Construction
Assuming the 90 days trading horizon Biwin Storage Technology is expected to generate 1.65 times more return on investment than Tengda Construction. However, Biwin Storage is 1.65 times more volatile than Tengda Construction Group. It trades about 0.02 of its potential returns per unit of risk. Tengda Construction Group is currently generating about -0.36 per unit of risk. If you would invest 5,883 in Biwin Storage Technology on October 11, 2024 and sell it today you would earn a total of 16.00 from holding Biwin Storage Technology or generate 0.27% 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. Tengda Construction Group
Performance |
| Timeline |
| Biwin Storage Technology |
| Tengda Construction |
Biwin Storage and Tengda Construction Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Tengda Construction
The main advantage of trading using opposite Biwin Storage and Tengda Construction positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Tengda Construction 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 Tengda Construction will offset losses from the drop in Tengda Construction's long position.| Biwin Storage vs. Zhengping RoadBridge Constr | Biwin Storage vs. Jiangsu Broadcasting Cable | Biwin Storage vs. Zhongshan Broad Ocean Motor | Biwin Storage vs. Spring Airlines Co |
| Tengda Construction vs. Zhejiang JIULI Hi tech | Tengda Construction vs. Wonders Information | Tengda Construction vs. Biwin Storage Technology | Tengda Construction vs. Tianjin Hi Tech Development |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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