Correlation Between Blue Sail and Harbin Air
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By analyzing existing cross correlation between Blue Sail Medical and Harbin Air Conditioning, you can compare the effects of market volatilities on Blue Sail and Harbin Air 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 Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Harbin Air.
Diversification Opportunities for Blue Sail and Harbin Air
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Blue and Harbin is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning 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 Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of Blue Sail i.e., Blue Sail and Harbin Air go up and down completely randomly.
Pair Corralation between Blue Sail and Harbin Air
Assuming the 90 days trading horizon Blue Sail is expected to generate 1.75 times less return on investment than Harbin Air. But when comparing it to its historical volatility, Blue Sail Medical is 1.16 times less risky than Harbin Air. It trades about 0.06 of its potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 398.00 in Harbin Air Conditioning on September 2, 2024 and sell it today you would earn a total of 100.00 from holding Harbin Air Conditioning or generate 25.13% 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. Harbin Air Conditioning
Performance |
| Timeline |
| Blue Sail Medical |
| Harbin Air Conditioning |
Blue Sail and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Harbin Air
The main advantage of trading using opposite Blue Sail and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Harbin Air 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 Harbin Air will offset losses from the drop in Harbin Air'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 |
| Harbin Air vs. Chongqing Road Bridge | Harbin Air vs. Shanghai Broadband Technology | Harbin Air vs. Mango Excellent Media | Harbin Air vs. Shanghai Xinhua Media |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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