Correlation Between Blue Sail and Anker Innovations
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By analyzing existing cross correlation between Blue Sail Medical and Anker Innovations Technology, you can compare the effects of market volatilities on Blue Sail and Anker Innovations 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 Anker Innovations. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Anker Innovations.
Diversification Opportunities for Blue Sail and Anker Innovations
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Blue and Anker is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Anker Innovations Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anker Innovations 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 Anker Innovations. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anker Innovations has no effect on the direction of Blue Sail i.e., Blue Sail and Anker Innovations go up and down completely randomly.
Pair Corralation between Blue Sail and Anker Innovations
Assuming the 90 days trading horizon Blue Sail Medical is expected to under-perform the Anker Innovations. But the stock apears to be less risky and, when comparing its historical volatility, Blue Sail Medical is 1.75 times less risky than Anker Innovations. The stock trades about -0.62 of its potential returns per unit of risk. The Anker Innovations Technology is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 9,040 in Anker Innovations Technology on October 14, 2024 and sell it today you would earn a total of 1,210 from holding Anker Innovations Technology or generate 13.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Sail Medical vs. Anker Innovations Technology
Performance |
| Timeline |
| Blue Sail Medical |
| Anker Innovations |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
Blue Sail and Anker Innovations Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Anker Innovations
The main advantage of trading using opposite Blue Sail and Anker Innovations positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Anker Innovations 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 Anker Innovations will offset losses from the drop in Anker Innovations' long position.| Blue Sail vs. Jiangxi Hengda Hi Tech | Blue Sail vs. Shanghai Shibei Hi Tech | Blue Sail vs. Fujian Newland Computer | Blue Sail vs. Tongyu Communication |
| Anker Innovations vs. Harvest Fund Management | Anker Innovations vs. Zhejiang Construction Investment | Anker Innovations vs. Shenzhen Centralcon Investment | Anker Innovations vs. Harbin Hatou 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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