Correlation Between Bloomage Biotechnology and Yonyou Auto
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bloomage Biotechnology Corp and Yonyou Auto Information, you can compare the effects of market volatilities on Bloomage Biotechnology and Yonyou Auto 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 Yonyou Auto. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomage Biotechnology and Yonyou Auto.
Diversification Opportunities for Bloomage Biotechnology and Yonyou Auto
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Bloomage and Yonyou is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and Yonyou Auto Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yonyou Auto Information 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 Yonyou Auto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yonyou Auto Information has no effect on the direction of Bloomage Biotechnology i.e., Bloomage Biotechnology and Yonyou Auto go up and down completely randomly.
Pair Corralation between Bloomage Biotechnology and Yonyou Auto
Assuming the 90 days trading horizon Bloomage Biotechnology is expected to generate 1.57 times less return on investment than Yonyou Auto. In addition to that, Bloomage Biotechnology is 1.3 times more volatile than Yonyou Auto Information. It trades about 0.08 of its total potential returns per unit of risk. Yonyou Auto Information is currently generating about 0.17 per unit of volatility. If you would invest 1,463 in Yonyou Auto Information on September 5, 2024 and sell it today you would earn a total of 551.00 from holding Yonyou Auto Information or generate 37.66% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Bloomage Biotechnology Corp vs. Yonyou Auto Information
Performance |
Timeline |
Bloomage Biotechnology |
Yonyou Auto Information |
Bloomage Biotechnology and Yonyou Auto Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bloomage Biotechnology and Yonyou Auto
The main advantage of trading using opposite Bloomage Biotechnology and Yonyou Auto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomage Biotechnology position performs unexpectedly, Yonyou Auto 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 Yonyou Auto will offset losses from the drop in Yonyou Auto's long position.Bloomage Biotechnology vs. Zijin Mining Group | Bloomage Biotechnology vs. Baoshan Iron Steel | Bloomage Biotechnology vs. Rongsheng Petrochemical Co | Bloomage Biotechnology vs. Shandong Gold Mining |
Yonyou Auto vs. Liaoning Chengda Biotechnology | Yonyou Auto vs. Anhui Transport Consulting | Yonyou Auto vs. Tianshan Aluminum Group | Yonyou Auto vs. Bloomage Biotechnology Corp |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
Equity Valuation Check real value of public entities based on technical and fundamental data | |
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |