Correlation Between Biwin Storage and Everdisplay Optronics
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By analyzing existing cross correlation between Biwin Storage Technology and Everdisplay Optronics Shanghai, you can compare the effects of market volatilities on Biwin Storage and Everdisplay Optronics 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 Everdisplay Optronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Everdisplay Optronics.
Diversification Opportunities for Biwin Storage and Everdisplay Optronics
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Biwin and Everdisplay is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Everdisplay Optronics Shanghai in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everdisplay Optronics 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 Everdisplay Optronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everdisplay Optronics has no effect on the direction of Biwin Storage i.e., Biwin Storage and Everdisplay Optronics go up and down completely randomly.
Pair Corralation between Biwin Storage and Everdisplay Optronics
Assuming the 90 days trading horizon Biwin Storage Technology is expected to under-perform the Everdisplay Optronics. In addition to that, Biwin Storage is 2.05 times more volatile than Everdisplay Optronics Shanghai. It trades about -0.15 of its total potential returns per unit of risk. Everdisplay Optronics Shanghai is currently generating about -0.26 per unit of volatility. If you would invest 243.00 in Everdisplay Optronics Shanghai on October 25, 2024 and sell it today you would lose (20.00) from holding Everdisplay Optronics Shanghai or give up 8.23% 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. Everdisplay Optronics Shanghai
Performance |
| Timeline |
| Biwin Storage Technology |
| Everdisplay Optronics |
Biwin Storage and Everdisplay Optronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Everdisplay Optronics
The main advantage of trading using opposite Biwin Storage and Everdisplay Optronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Everdisplay Optronics 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 Everdisplay Optronics will offset losses from the drop in Everdisplay Optronics' long position.| Biwin Storage vs. Offshore Oil Engineering | Biwin Storage vs. Hainan Mining Co | Biwin Storage vs. CSSC Offshore Marine | Biwin Storage vs. Chengtun Mining Group |
| Everdisplay Optronics vs. Kweichow Moutai Co | Everdisplay Optronics vs. NAURA Technology Group | Everdisplay Optronics vs. APT Medical | Everdisplay Optronics vs. BYD Co Ltd |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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