Bloomage Biotechnology Co Correlations

688363 Stock

49.60 0.85 1.68%

The current 90-days correlation between Bloomage Biotechnology Co and Yonghui Superstores Co is 0.34 (i.e., Weak diversification). The correlation of Bloomage Biotechnology Co is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Bloomage Biotechnology Co Correlation With Market

Very good diversification

The correlation between Bloomage Biotechnology Corp and DJI is -0.23 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Bloomage Biotechnology Co could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bloomage Biotechnology Co when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Bloomage Biotechnology Co - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Bloomage Biotechnology Corp to buy it.

Moving together with Bloomage Stock

0.74	600309	Wanhua Chemical Group	Pair Corr
0.68	600010	Inner Mongolia BaoTou	Pair Corr
0.78	603260	Hoshine Silicon Ind	Pair Corr

Moving against Bloomage Stock

0.55	600160	Zhejiang Juhua	Pair Corr
0.39	603959	Hunan Baili Engineering	Pair Corr
0.32	600547	Shandong Gold Mining	Pair Corr

Related Correlations Analysis

	300879	600698	601933	300022	300314	301234	002062	688580
300879		0.63	-0.5	0.69	0.7	0.66	-0.2	0.68	300879
600698	0.63		-0.72	0.82	0.72	0.68	0.03	0.78	600698
601933	-0.5	-0.72		-0.73	-0.41	-0.53	-0.38	-0.6	601933
300022	0.69	0.82	-0.73		0.76	0.81	0.15	0.89	300022
300314	0.7	0.72	-0.41	0.76		0.79	-0.28	0.84	300314
301234	0.66	0.68	-0.53	0.81	0.79		-0.03	0.89	301234
002062	-0.2	0.03	-0.38	0.15	-0.28	-0.03		-0.05	002062
688580	0.68	0.78	-0.6	0.89	0.84	0.89	-0.05		688580
	300879	600698	601933	300022	300314	301234	002062	688580

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

688580	+ 0.89	300022
688580	+ 0.89	301234
688580	+ 0.84	300314
300022	+ 0.82	600698
301234	+ 0.81	300022
301234	+ 0.79	300314

High negative correlations

300022	- 0.73	601933
601933	- 0.72	600698
688580	- 0.6	601933
301234	- 0.53	601933
601933	- 0.5	300879
300314	- 0.41	601933

Risk-Adjusted Indicators

There is a big difference between Bloomage Stock performing well and Bloomage Biotechnology Co Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Bloomage Biotechnology Co's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
300879	2.68	0.22	0.09	4.28	2.74	(3.27)	6.45	(4.71)	26.29
600698	2.99	0.15	0.06	(0.47)	3.62	(3.17)	9.94	(5.91)	20.00
601933	2.86	(0.57)	0.00	(3.00)	0.00	0.00	5.91	(6.98)	17.26
300022	3.11	0.41	0.14	7.42	2.93	(4.07)	8.69	(5.63)	18.31
300314	1.77	0.10	0.06	0.08	1.93	(2.08)	2.78	(3.35)	23.31
301234	1.46	(0.02)	0.00	(0.85)	0.00	0.00	3.38	(2.95)	10.77
002062	1.72	0.29	0.21	(0.78)	1.45	(2.27)	3.41	(2.84)	13.65
688580	2.20	0.04	0.04	(0.12)	2.79	(2.22)	5.32	(4.34)	12.02

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bloomage Biotechnology Co without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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