Correlation Between Biwin Storage and Xizi Clean
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By analyzing existing cross correlation between Biwin Storage Technology and Xizi Clean Energy, you can compare the effects of market volatilities on Biwin Storage and Xizi Clean 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 Xizi Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biwin Storage and Xizi Clean.
Diversification Opportunities for Biwin Storage and Xizi Clean
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Biwin and Xizi is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Biwin Storage Technology and Xizi Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xizi Clean Energy 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 Xizi Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xizi Clean Energy has no effect on the direction of Biwin Storage i.e., Biwin Storage and Xizi Clean go up and down completely randomly.
Pair Corralation between Biwin Storage and Xizi Clean
Assuming the 90 days trading horizon Biwin Storage Technology is expected to generate 1.7 times more return on investment than Xizi Clean. However, Biwin Storage is 1.7 times more volatile than Xizi Clean Energy. It trades about 0.06 of its potential returns per unit of risk. Xizi Clean Energy is currently generating about 0.0 per unit of risk. If you would invest 4,035 in Biwin Storage Technology on October 9, 2024 and sell it today you would earn a total of 1,825 from holding Biwin Storage Technology or generate 45.23% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Biwin Storage Technology vs. Xizi Clean Energy
Performance |
Timeline |
Biwin Storage Technology |
Xizi Clean Energy |
Biwin Storage and Xizi Clean Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Biwin Storage and Xizi Clean
The main advantage of trading using opposite Biwin Storage and Xizi Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biwin Storage position performs unexpectedly, Xizi Clean 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 Xizi Clean will offset losses from the drop in Xizi Clean's long position.Biwin Storage vs. Western Mining Co | Biwin Storage vs. Fujian Oriental Silver | Biwin Storage vs. Pengxin International Mining | Biwin Storage vs. Jilin OLED Material |
Xizi Clean vs. Biwin Storage Technology | Xizi Clean vs. PetroChina Co Ltd | Xizi Clean vs. Industrial and Commercial | Xizi Clean vs. China Construction Bank |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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