Correlation Between Blue Sail and Guangzhou Boji
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By analyzing existing cross correlation between Blue Sail Medical and Guangzhou Boji Medical, you can compare the effects of market volatilities on Blue Sail and Guangzhou Boji 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 Guangzhou Boji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Guangzhou Boji.
Diversification Opportunities for Blue Sail and Guangzhou Boji
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Blue and Guangzhou is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Guangzhou Boji Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Boji Medical 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 Guangzhou Boji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Boji Medical has no effect on the direction of Blue Sail i.e., Blue Sail and Guangzhou Boji go up and down completely randomly.
Pair Corralation between Blue Sail and Guangzhou Boji
Assuming the 90 days trading horizon Blue Sail is expected to generate 1.13 times less return on investment than Guangzhou Boji. But when comparing it to its historical volatility, Blue Sail Medical is 1.71 times less risky than Guangzhou Boji. It trades about 0.09 of its potential returns per unit of risk. Guangzhou Boji Medical is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 968.00 in Guangzhou Boji Medical on September 12, 2024 and sell it today you would earn a total of 34.00 from holding Guangzhou Boji Medical or generate 3.51% 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. Guangzhou Boji Medical
Performance |
| Timeline |
| Blue Sail Medical |
| Guangzhou Boji Medical |
Blue Sail and Guangzhou Boji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Guangzhou Boji
The main advantage of trading using opposite Blue Sail and Guangzhou Boji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Guangzhou Boji 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 Guangzhou Boji will offset losses from the drop in Guangzhou Boji's long position.| Blue Sail vs. Cultural Investment Holdings | Blue Sail vs. Gome Telecom Equipment | Blue Sail vs. Holitech Technology Co | Blue Sail vs. Zotye Automobile Co |
| Guangzhou Boji vs. Cultural Investment Holdings | Guangzhou Boji vs. Gome Telecom Equipment | Guangzhou Boji vs. Holitech Technology Co | Guangzhou Boji vs. Zotye Automobile Co |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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