Correlation Between Biwin Storage and GreenTech Environmental
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By analyzing existing cross correlation between Biwin Storage Technology and GreenTech Environmental Co, you can compare the effects of market volatilities on Biwin Storage and GreenTech Environmental 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 GreenTech Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and GreenTech Environmental.
Diversification Opportunities for Biwin Storage and GreenTech Environmental
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Biwin and GreenTech is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and GreenTech Environmental Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GreenTech Environmental 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 GreenTech Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GreenTech Environmental has no effect on the direction of Biwin Storage i.e., Biwin Storage and GreenTech Environmental go up and down completely randomly.
Pair Corralation between Biwin Storage and GreenTech Environmental
Assuming the 90 days trading horizon Biwin Storage Technology is expected to generate 1.51 times more return on investment than GreenTech Environmental. However, Biwin Storage is 1.51 times more volatile than GreenTech Environmental Co. It trades about 0.01 of its potential returns per unit of risk. GreenTech Environmental Co is currently generating about 0.0 per unit of risk. If you would invest 7,424 in Biwin Storage Technology on September 14, 2024 and sell it today you would lose (1,403) from holding Biwin Storage Technology or give up 18.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. GreenTech Environmental Co
Performance |
| Timeline |
| Biwin Storage Technology |
| GreenTech Environmental |
Biwin Storage and GreenTech Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and GreenTech Environmental
The main advantage of trading using opposite Biwin Storage and GreenTech Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, GreenTech Environmental 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 GreenTech Environmental will offset losses from the drop in GreenTech Environmental's long position.| Biwin Storage vs. Nanjing Putian Telecommunications | Biwin Storage vs. Tianjin Realty Development | Biwin Storage vs. Kangyue Technology Co | Biwin Storage vs. Shenzhen Hifuture Electric |
| GreenTech Environmental vs. Servyou Software Group | GreenTech Environmental vs. Vontron Technology Co | GreenTech Environmental vs. Inspur Software Co | GreenTech Environmental 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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