Correlation Between Biwin Storage and AVIC Heavy
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By analyzing existing cross correlation between Biwin Storage Technology and AVIC Heavy Machinery, you can compare the effects of market volatilities on Biwin Storage and AVIC Heavy 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 AVIC Heavy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and AVIC Heavy.
Diversification Opportunities for Biwin Storage and AVIC Heavy
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Biwin and AVIC is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and AVIC Heavy Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AVIC Heavy Machinery 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 AVIC Heavy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AVIC Heavy Machinery has no effect on the direction of Biwin Storage i.e., Biwin Storage and AVIC Heavy go up and down completely randomly.
Pair Corralation between Biwin Storage and AVIC Heavy
Assuming the 90 days trading horizon Biwin Storage Technology is expected to generate 1.71 times more return on investment than AVIC Heavy. However, Biwin Storage is 1.71 times more volatile than AVIC Heavy Machinery. It trades about 0.05 of its potential returns per unit of risk. AVIC Heavy Machinery is currently generating about 0.01 per unit of risk. If you would invest 4,422 in Biwin Storage Technology on October 30, 2024 and sell it today you would earn a total of 1,528 from holding Biwin Storage Technology or generate 34.55% 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. AVIC Heavy Machinery
Performance |
| Timeline |
| Biwin Storage Technology |
| AVIC Heavy Machinery |
Biwin Storage and AVIC Heavy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and AVIC Heavy
The main advantage of trading using opposite Biwin Storage and AVIC Heavy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, AVIC Heavy 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 AVIC Heavy will offset losses from the drop in AVIC Heavy's long position.| Biwin Storage vs. Xiandai Investment Co | Biwin Storage vs. Jiangsu Yueda Investment | Biwin Storage vs. Tieling Newcity Investment | Biwin Storage vs. Jointo Energy Investment |
| AVIC Heavy vs. Sihui Fuji Electronics | AVIC Heavy vs. Weihai Honglin Electronic | AVIC Heavy vs. Youngy Health Co | AVIC Heavy vs. Sanbo Hospital Management |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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