Correlation Between Blue Sail and Allmed Medical
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By analyzing existing cross correlation between Blue Sail Medical and Allmed Medical Products, you can compare the effects of market volatilities on Blue Sail and Allmed Medical 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 Allmed Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Allmed Medical.
Diversification Opportunities for Blue Sail and Allmed Medical
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Blue and Allmed is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Allmed Medical Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allmed Medical Products 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 Allmed Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allmed Medical Products has no effect on the direction of Blue Sail i.e., Blue Sail and Allmed Medical go up and down completely randomly.
Pair Corralation between Blue Sail and Allmed Medical
Assuming the 90 days trading horizon Blue Sail is expected to generate 2.88 times less return on investment than Allmed Medical. But when comparing it to its historical volatility, Blue Sail Medical is 1.77 times less risky than Allmed Medical. It trades about 0.06 of its potential returns per unit of risk. Allmed Medical Products is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 846.00 in Allmed Medical Products on September 1, 2024 and sell it today you would earn a total of 54.00 from holding Allmed Medical Products or generate 6.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Sail Medical vs. Allmed Medical Products
Performance |
| Timeline |
| Blue Sail Medical |
| Allmed Medical Products |
Blue Sail and Allmed Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Allmed Medical
The main advantage of trading using opposite Blue Sail and Allmed Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Allmed Medical 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 Allmed Medical will offset losses from the drop in Allmed Medical's long position.| Blue Sail vs. Nanjing Putian Telecommunications | Blue Sail vs. Shenzhen Hifuture Electric | Blue Sail vs. Tianjin Realty Development | Blue Sail vs. Shenyang Huitian Thermal |
| Allmed Medical vs. Nanjing Putian Telecommunications | Allmed Medical vs. Shenzhen Hifuture Electric | Allmed Medical vs. Tianjin Realty Development | Allmed Medical vs. Shenyang Huitian Thermal |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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