Correlation Between Biwin Storage and Anhui Xinhua
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By analyzing existing cross correlation between Biwin Storage Technology and Anhui Xinhua Media, you can compare the effects of market volatilities on Biwin Storage and Anhui Xinhua 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 Anhui Xinhua. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Anhui Xinhua.
Diversification Opportunities for Biwin Storage and Anhui Xinhua
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Biwin and Anhui is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Anhui Xinhua Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Xinhua Media 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 Anhui Xinhua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Xinhua Media has no effect on the direction of Biwin Storage i.e., Biwin Storage and Anhui Xinhua go up and down completely randomly.
Pair Corralation between Biwin Storage and Anhui Xinhua
Assuming the 90 days trading horizon Biwin Storage Technology is expected to under-perform the Anhui Xinhua. In addition to that, Biwin Storage is 1.23 times more volatile than Anhui Xinhua Media. It trades about -0.04 of its total potential returns per unit of risk. Anhui Xinhua Media is currently generating about -0.02 per unit of volatility. If you would invest 693.00 in Anhui Xinhua Media on October 15, 2024 and sell it today you would lose (37.00) from holding Anhui Xinhua Media or give up 5.34% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. Anhui Xinhua Media
Performance |
| Timeline |
| Biwin Storage Technology |
| Anhui Xinhua Media |
Biwin Storage and Anhui Xinhua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Anhui Xinhua
The main advantage of trading using opposite Biwin Storage and Anhui Xinhua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Anhui Xinhua 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 Anhui Xinhua will offset losses from the drop in Anhui Xinhua's long position.| Biwin Storage vs. Gan Yuan Foods | Biwin Storage vs. Xiwang Foodstuffs Co | Biwin Storage vs. Tibet Huayu Mining | Biwin Storage vs. Chengtun Mining Group |
| Anhui Xinhua vs. Anhui Jianghuai Automobile | Anhui Xinhua vs. Suzhou Douson Drilling | Anhui Xinhua vs. Lootom Telcovideo Network | Anhui Xinhua vs. Shenzhen Topway Video |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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