Correlation Between Blue Sail and Winner Medical
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By analyzing existing cross correlation between Blue Sail Medical and Winner Medical Co, you can compare the effects of market volatilities on Blue Sail and Winner 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 Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Winner Medical.
Diversification Opportunities for Blue Sail and Winner Medical
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Blue and Winner is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner 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 Winner Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Winner Medical has no effect on the direction of Blue Sail i.e., Blue Sail and Winner Medical go up and down completely randomly.
Pair Corralation between Blue Sail and Winner Medical
Assuming the 90 days trading horizon Blue Sail Medical is expected to under-perform the Winner Medical. But the stock apears to be less risky and, when comparing its historical volatility, Blue Sail Medical is 1.22 times less risky than Winner Medical. The stock trades about -0.05 of its potential returns per unit of risk. The Winner Medical Co is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 3,058 in Winner Medical Co on August 29, 2024 and sell it today you would earn a total of 326.00 from holding Winner Medical Co or generate 10.66% 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. Winner Medical Co
Performance |
| Timeline |
| Blue Sail Medical |
| Winner Medical |
Blue Sail and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Winner Medical
The main advantage of trading using opposite Blue Sail and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Winner 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 Winner Medical will offset losses from the drop in Winner Medical's long position.| Blue Sail vs. Industrial and Commercial | Blue Sail vs. China Construction Bank | Blue Sail vs. Agricultural Bank of | Blue Sail vs. Bank of China |
| Winner Medical vs. Industrial and Commercial | Winner Medical vs. China Construction Bank | Winner Medical vs. Agricultural Bank of | Winner Medical vs. Bank of China |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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