Correlation Between Biwin Storage and Anhui Transport
Specify exactly 2 symbols:
By analyzing existing cross correlation between Biwin Storage Technology and Anhui Transport Consulting, you can compare the effects of market volatilities on Biwin Storage and Anhui Transport 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 Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Anhui Transport.
Diversification Opportunities for Biwin Storage and Anhui Transport
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Biwin and Anhui is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Anhui Transport Consulting in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Transport Cons 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 Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Transport Cons has no effect on the direction of Biwin Storage i.e., Biwin Storage and Anhui Transport go up and down completely randomly.
Pair Corralation between Biwin Storage and Anhui Transport
Assuming the 90 days trading horizon Biwin Storage Technology is expected to generate 1.84 times more return on investment than Anhui Transport. However, Biwin Storage is 1.84 times more volatile than Anhui Transport Consulting. It trades about 0.04 of its potential returns per unit of risk. Anhui Transport Consulting is currently generating about -0.02 per unit of risk. If you would invest 5,275 in Biwin Storage Technology on September 3, 2024 and sell it today you would earn a total of 702.00 from holding Biwin Storage Technology or generate 13.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. Anhui Transport Consulting
Performance |
| Timeline |
| Biwin Storage Technology |
| Anhui Transport Cons |
Biwin Storage and Anhui Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Anhui Transport
The main advantage of trading using opposite Biwin Storage and Anhui Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Anhui Transport 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 Transport will offset losses from the drop in Anhui Transport's long position.| Biwin Storage vs. Xinjiang Communications Construction | Biwin Storage vs. Guangzhou Haige Communications | Biwin Storage vs. Anhui Fuhuang Steel | Biwin Storage vs. Dongjiang Environmental Co |
| Anhui Transport vs. Cultural Investment Holdings | Anhui Transport vs. Gome Telecom Equipment | Anhui Transport vs. Bus Online Co | Anhui Transport vs. Holitech Technology Co |
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 Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |