Correlation Between Biwin Storage and Yindu Kitchen
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By analyzing existing cross correlation between Biwin Storage Technology and Yindu Kitchen Equipment, you can compare the effects of market volatilities on Biwin Storage and Yindu Kitchen 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 Yindu Kitchen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Yindu Kitchen.
Diversification Opportunities for Biwin Storage and Yindu Kitchen
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Biwin and Yindu is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Yindu Kitchen Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yindu Kitchen Equipment 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 Yindu Kitchen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yindu Kitchen Equipment has no effect on the direction of Biwin Storage i.e., Biwin Storage and Yindu Kitchen go up and down completely randomly.
Pair Corralation between Biwin Storage and Yindu Kitchen
Assuming the 90 days trading horizon Biwin Storage Technology is expected to generate 2.7 times more return on investment than Yindu Kitchen. However, Biwin Storage is 2.7 times more volatile than Yindu Kitchen Equipment. It trades about 0.08 of its potential returns per unit of risk. Yindu Kitchen Equipment is currently generating about 0.04 per unit of risk. If you would invest 1,606 in Biwin Storage Technology on August 25, 2024 and sell it today you would earn a total of 4,034 from holding Biwin Storage Technology or generate 251.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 96.03% |
| Values | Daily Returns |
Biwin Storage Technology vs. Yindu Kitchen Equipment
Performance |
| Timeline |
| Biwin Storage Technology |
| Yindu Kitchen Equipment |
Biwin Storage and Yindu Kitchen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Yindu Kitchen
The main advantage of trading using opposite Biwin Storage and Yindu Kitchen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Yindu Kitchen 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 Yindu Kitchen will offset losses from the drop in Yindu Kitchen's long position.| Biwin Storage vs. Lutian Machinery Co | Biwin Storage vs. China Longyuan Power | Biwin Storage vs. Changshu Tongrun Auto | Biwin Storage vs. PetroChina Co Ltd |
| Yindu Kitchen vs. Biwin Storage Technology | Yindu Kitchen vs. PetroChina Co Ltd | Yindu Kitchen vs. Industrial and Commercial | Yindu Kitchen 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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