Bloomage Biotechnology Correlations

688363 Stock   50.12  0.18  0.36%   
The current 90-days correlation between Bloomage Biotechnology and Jiangsu Xinri E Vehicle is 0.59 (i.e., Very weak diversification). The correlation of Bloomage Biotechnology 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 Correlation With Market

Average diversification

The correlation between Bloomage Biotechnology Corp and DJI is 0.17 (i.e., Average 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 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 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 - 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

  0.92600309 Wanhua Chemical GroupPairCorr
  0.88002493 Rongsheng PetrochemicalPairCorr
  0.73603260 Hoshine Silicon IndPairCorr
  0.86600519 Kweichow MoutaiPairCorr

Moving against Bloomage Stock

  0.88601988 Bank of ChinaPairCorr
  0.82601398 Industrial and CommercialPairCorr
  0.79601857 PetroChinaPairCorr
  0.75601288 Agricultural BankPairCorr
  0.73600941 China Mobile LimitedPairCorr
  0.7600160 Zhejiang JuhuaPairCorr
  0.7601939 China Construction BankPairCorr
  0.75600938 CNOOC LimitedPairCorr
  0.75300866 Anker InnovationsPairCorr
  0.73603236 Quectel Wireless SolPairCorr
  0.66600368 Guangxi Wuzhou CommuPairCorr
  0.48002397 Hunan Mendale HometextilePairCorr
  0.42600036 China Merchants BankPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Bloomage Stock performing well and Bloomage Biotechnology 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'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bloomage Biotechnology 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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