Correlation Between Xiamen Insight and Bloomage Biotechnology Co
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By analyzing existing cross correlation between Xiamen Insight Investment and Bloomage Biotechnology Corp, you can compare the effects of market volatilities on Xiamen Insight and Bloomage Biotechnology Co 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 Xiamen Insight with a short position of Bloomage Biotechnology Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiamen Insight and Bloomage Biotechnology Co.
Diversification Opportunities for Xiamen Insight and Bloomage Biotechnology Co
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xiamen and Bloomage is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Xiamen Insight Investment and Bloomage Biotechnology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bloomage Biotechnology Co and Xiamen Insight 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 Xiamen Insight Investment are associated (or correlated) with Bloomage Biotechnology Co. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bloomage Biotechnology Co has no effect on the direction of Xiamen Insight i.e., Xiamen Insight and Bloomage Biotechnology Co go up and down completely randomly.
Pair Corralation between Xiamen Insight and Bloomage Biotechnology Co
Assuming the 90 days trading horizon Xiamen Insight Investment is expected to generate 1.17 times more return on investment than Bloomage Biotechnology Co. However, Xiamen Insight is 1.17 times more volatile than Bloomage Biotechnology Corp. It trades about -0.08 of its potential returns per unit of risk. Bloomage Biotechnology Corp is currently generating about -0.15 per unit of risk. If you would invest 4,348 in Xiamen Insight Investment on November 3, 2024 and sell it today you would lose (134.00) from holding Xiamen Insight Investment or give up 3.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiamen Insight Investment vs. Bloomage Biotechnology Corp
Performance |
| Timeline |
| Xiamen Insight Investment |
| Bloomage Biotechnology Co |
Xiamen Insight and Bloomage Biotechnology Co Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiamen Insight and Bloomage Biotechnology Co
The main advantage of trading using opposite Xiamen Insight and Bloomage Biotechnology Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiamen Insight position performs unexpectedly, Bloomage Biotechnology Co 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 Bloomage Biotechnology Co will offset losses from the drop in Bloomage Biotechnology Co's long position.| Xiamen Insight vs. Kuang Chi Technologies | Xiamen Insight vs. Jiangyin Jianghua Microelectronics | Xiamen Insight vs. XiaMen HongXin Electron tech | Xiamen Insight vs. Anhui Shiny Electronic |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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