Correlation Between Biwin Storage and Qijing Machinery
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By analyzing existing cross correlation between Biwin Storage Technology and Qijing Machinery, you can compare the effects of market volatilities on Biwin Storage and Qijing Machinery 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 Qijing Machinery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Qijing Machinery.
Diversification Opportunities for Biwin Storage and Qijing Machinery
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Biwin and Qijing is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Qijing Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qijing 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 Qijing Machinery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qijing Machinery has no effect on the direction of Biwin Storage i.e., Biwin Storage and Qijing Machinery go up and down completely randomly.
Pair Corralation between Biwin Storage and Qijing Machinery
Assuming the 90 days trading horizon Biwin Storage Technology is expected to generate 2.02 times more return on investment than Qijing Machinery. However, Biwin Storage is 2.02 times more volatile than Qijing Machinery. It trades about 0.07 of its potential returns per unit of risk. Qijing Machinery is currently generating about 0.02 per unit of risk. If you would invest 2,289 in Biwin Storage Technology on October 26, 2024 and sell it today you would earn a total of 4,019 from holding Biwin Storage Technology or generate 175.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. Qijing Machinery
Performance |
| Timeline |
| Biwin Storage Technology |
| Qijing Machinery |
Biwin Storage and Qijing Machinery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Qijing Machinery
The main advantage of trading using opposite Biwin Storage and Qijing Machinery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Qijing Machinery 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 Qijing Machinery will offset losses from the drop in Qijing Machinery's long position.| Biwin Storage vs. Cloud Live Technology | Biwin Storage vs. Nanjing Putian Telecommunications | Biwin Storage vs. Shenzhen Coship Electronics | Biwin Storage vs. Shenzhen Hifuture Electric |
| Qijing Machinery vs. Chengdu Kanghua Biological | Qijing Machinery vs. Suzhou Novoprotein Scientific | Qijing Machinery vs. Aluminum Corp of | Qijing Machinery vs. COL Digital Publishing |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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