Correlation Between Bloomage Biotechnology and Kangping Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bloomage Biotechnology Corp and Kangping Technology Co, you can compare the effects of market volatilities on Bloomage Biotechnology and Kangping Technology 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 Kangping Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomage Biotechnology and Kangping Technology.
Diversification Opportunities for Bloomage Biotechnology and Kangping Technology
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bloomage and Kangping is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and Kangping Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kangping Technology 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 Kangping Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kangping Technology has no effect on the direction of Bloomage Biotechnology i.e., Bloomage Biotechnology and Kangping Technology go up and down completely randomly.
Pair Corralation between Bloomage Biotechnology and Kangping Technology
Assuming the 90 days trading horizon Bloomage Biotechnology is expected to generate 1.21 times less return on investment than Kangping Technology. In addition to that, Bloomage Biotechnology is 1.39 times more volatile than Kangping Technology Co. It trades about 0.11 of its total potential returns per unit of risk. Kangping Technology Co is currently generating about 0.19 per unit of volatility. If you would invest 1,690 in Kangping Technology Co on September 12, 2024 and sell it today you would earn a total of 702.00 from holding Kangping Technology Co or generate 41.54% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Bloomage Biotechnology Corp vs. Kangping Technology Co
Performance |
Timeline |
Bloomage Biotechnology |
Kangping Technology |
Bloomage Biotechnology and Kangping Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bloomage Biotechnology and Kangping Technology
The main advantage of trading using opposite Bloomage Biotechnology and Kangping Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomage Biotechnology position performs unexpectedly, Kangping Technology 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 Kangping Technology will offset losses from the drop in Kangping Technology's long position.Bloomage Biotechnology vs. Zijin Mining Group | Bloomage Biotechnology vs. Wanhua Chemical Group | Bloomage Biotechnology vs. Baoshan Iron Steel | Bloomage Biotechnology vs. Rongsheng Petrochemical Co |
Kangping Technology vs. Agricultural Bank of | Kangping Technology vs. Industrial and Commercial | Kangping Technology vs. Bank of China | Kangping Technology vs. PetroChina 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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
Global Correlations Find global opportunities by holding instruments from different markets | |
Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |