Correlation Between Biwin Storage and Anhui Huaheng
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By analyzing existing cross correlation between Biwin Storage Technology and Anhui Huaheng Biotechnology, you can compare the effects of market volatilities on Biwin Storage and Anhui Huaheng 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 Huaheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Anhui Huaheng.
Diversification Opportunities for Biwin Storage and Anhui Huaheng
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Biwin and Anhui is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Anhui Huaheng Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Huaheng Biotec 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 Huaheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Huaheng Biotec has no effect on the direction of Biwin Storage i.e., Biwin Storage and Anhui Huaheng go up and down completely randomly.
Pair Corralation between Biwin Storage and Anhui Huaheng
Assuming the 90 days trading horizon Biwin Storage Technology is expected to generate 1.5 times more return on investment than Anhui Huaheng. However, Biwin Storage is 1.5 times more volatile than Anhui Huaheng Biotechnology. It trades about 0.18 of its potential returns per unit of risk. Anhui Huaheng Biotechnology is currently generating about -0.12 per unit of risk. If you would invest 5,892 in Biwin Storage Technology on September 29, 2024 and sell it today you would earn a total of 712.00 from holding Biwin Storage Technology or generate 12.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biwin Storage Technology vs. Anhui Huaheng Biotechnology
Performance |
| Timeline |
| Biwin Storage Technology |
| Anhui Huaheng Biotec |
Biwin Storage and Anhui Huaheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biwin Storage and Anhui Huaheng
The main advantage of trading using opposite Biwin Storage and Anhui Huaheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Anhui Huaheng 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 Huaheng will offset losses from the drop in Anhui Huaheng's long position.| Biwin Storage vs. Ming Yang Smart | Biwin Storage vs. 159681 | Biwin Storage vs. 159005 | Biwin Storage vs. Loctek Ergonomic Technology |
| Anhui Huaheng vs. Industrial and Commercial | Anhui Huaheng vs. Agricultural Bank of | Anhui Huaheng vs. China Construction Bank | Anhui Huaheng vs. Bank of China |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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