Correlation Between Blue Sail and Beijing Bewinner
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By analyzing existing cross correlation between Blue Sail Medical and Beijing Bewinner Communications, you can compare the effects of market volatilities on Blue Sail and Beijing Bewinner 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 Blue Sail with a short position of Beijing Bewinner. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Beijing Bewinner.
Diversification Opportunities for Blue Sail and Beijing Bewinner
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Blue and Beijing is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Beijing Bewinner Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Bewinner Com and Blue Sail 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 Blue Sail Medical are associated (or correlated) with Beijing Bewinner. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Bewinner Com has no effect on the direction of Blue Sail i.e., Blue Sail and Beijing Bewinner go up and down completely randomly.
Pair Corralation between Blue Sail and Beijing Bewinner
Assuming the 90 days trading horizon Blue Sail is expected to generate 5.71 times less return on investment than Beijing Bewinner. But when comparing it to its historical volatility, Blue Sail Medical is 1.84 times less risky than Beijing Bewinner. It trades about 0.03 of its potential returns per unit of risk. Beijing Bewinner Communications is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 468.00 in Beijing Bewinner Communications on November 2, 2024 and sell it today you would earn a total of 197.00 from holding Beijing Bewinner Communications or generate 42.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Sail Medical vs. Beijing Bewinner Communication
Performance |
| Timeline |
| Blue Sail Medical |
| Beijing Bewinner Com |
Blue Sail and Beijing Bewinner Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Beijing Bewinner
The main advantage of trading using opposite Blue Sail and Beijing Bewinner positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Beijing Bewinner 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 Beijing Bewinner will offset losses from the drop in Beijing Bewinner's long position.| Blue Sail vs. Agricultural Bank of | Blue Sail vs. Industrial and Commercial | Blue Sail vs. Bank of China | Blue Sail vs. China Construction Bank |
| Beijing Bewinner vs. Unisplendour Corp | Beijing Bewinner vs. Xiamen Bank Co | Beijing Bewinner vs. Zhejiang Construction Investment | Beijing Bewinner vs. Shenzhen Centralcon Investment |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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