Correlation Between Bloomage Biotechnology and Changchun High
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By analyzing existing cross correlation between Bloomage Biotechnology Corp and Changchun High New, you can compare the effects of market volatilities on Bloomage Biotechnology and Changchun High 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 Bloomage Biotechnology with a short position of Changchun High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomage Biotechnology and Changchun High.
Diversification Opportunities for Bloomage Biotechnology and Changchun High
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Bloomage and Changchun is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and Changchun High New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun High New and Bloomage Biotechnology 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 Bloomage Biotechnology Corp are associated (or correlated) with Changchun High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun High New has no effect on the direction of Bloomage Biotechnology i.e., Bloomage Biotechnology and Changchun High go up and down completely randomly.
Pair Corralation between Bloomage Biotechnology and Changchun High
Assuming the 90 days trading horizon Bloomage Biotechnology Corp is expected to generate 1.64 times more return on investment than Changchun High. However, Bloomage Biotechnology is 1.64 times more volatile than Changchun High New. It trades about -0.12 of its potential returns per unit of risk. Changchun High New is currently generating about -0.29 per unit of risk. If you would invest 5,740 in Bloomage Biotechnology Corp on September 25, 2024 and sell it today you would lose (340.00) from holding Bloomage Biotechnology Corp or give up 5.92% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Bloomage Biotechnology Corp vs. Changchun High New
Performance |
Timeline |
Bloomage Biotechnology |
Changchun High New |
Bloomage Biotechnology and Changchun High Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bloomage Biotechnology and Changchun High
The main advantage of trading using opposite Bloomage Biotechnology and Changchun High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomage Biotechnology position performs unexpectedly, Changchun High 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 Changchun High will offset losses from the drop in Changchun High's long position.Bloomage Biotechnology vs. Zijin Mining Group | Bloomage Biotechnology vs. Baoshan Iron Steel | Bloomage Biotechnology vs. Shandong Gold Mining | Bloomage Biotechnology vs. Rongsheng Petrochemical Co |
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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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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