Correlation Between Blue Sail and Nanjing Putian
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By analyzing existing cross correlation between Blue Sail Medical and Nanjing Putian Telecommunications, you can compare the effects of market volatilities on Blue Sail and Nanjing Putian 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 Nanjing Putian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Nanjing Putian.
Diversification Opportunities for Blue Sail and Nanjing Putian
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Blue and Nanjing is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Nanjing Putian Telecommunicati in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Putian Telec 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 Nanjing Putian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Putian Telec has no effect on the direction of Blue Sail i.e., Blue Sail and Nanjing Putian go up and down completely randomly.
Pair Corralation between Blue Sail and Nanjing Putian
Assuming the 90 days trading horizon Blue Sail Medical is expected to generate 1.13 times more return on investment than Nanjing Putian. However, Blue Sail is 1.13 times more volatile than Nanjing Putian Telecommunications. It trades about 0.3 of its potential returns per unit of risk. Nanjing Putian Telecommunications is currently generating about -0.03 per unit of risk. If you would invest 480.00 in Blue Sail Medical on December 1, 2024 and sell it today you would earn a total of 71.00 from holding Blue Sail Medical or generate 14.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Sail Medical vs. Nanjing Putian Telecommunicati
Performance |
| Timeline |
| Blue Sail Medical |
| Nanjing Putian Telec |
Blue Sail and Nanjing Putian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Nanjing Putian
The main advantage of trading using opposite Blue Sail and Nanjing Putian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Nanjing Putian 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 Nanjing Putian will offset losses from the drop in Nanjing Putian's long position.| Blue Sail vs. Beijing Bewinner Communications | Blue Sail vs. Jilin Jlu Communication | Blue Sail vs. Air China Ltd | Blue Sail vs. MayAir Technology Co |
| Nanjing Putian vs. Xiangyu Medical Co | Nanjing Putian vs. Cofoe Medical Technology | Nanjing Putian vs. Beijing Balance Medical | Nanjing Putian vs. Kontour Medical Technology |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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