Correlation Between Blue Sail and Industrial
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By analyzing existing cross correlation between Blue Sail Medical and Industrial and Commercial, you can compare the effects of market volatilities on Blue Sail and Industrial 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 Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Industrial.
Diversification Opportunities for Blue Sail and Industrial
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Blue and Industrial is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Industrial and Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial and Commercial 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 Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial and Commercial has no effect on the direction of Blue Sail i.e., Blue Sail and Industrial go up and down completely randomly.
Pair Corralation between Blue Sail and Industrial
Assuming the 90 days trading horizon Blue Sail Medical is expected to under-perform the Industrial. In addition to that, Blue Sail is 2.14 times more volatile than Industrial and Commercial. It trades about -0.05 of its total potential returns per unit of risk. Industrial and Commercial is currently generating about 0.07 per unit of volatility. If you would invest 607.00 in Industrial and Commercial on August 29, 2024 and sell it today you would earn a total of 9.00 from holding Industrial and Commercial or generate 1.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Sail Medical vs. Industrial and Commercial
Performance |
| Timeline |
| Blue Sail Medical |
| Industrial and Commercial |
Blue Sail and Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Industrial
The main advantage of trading using opposite Blue Sail and Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Industrial 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 Industrial will offset losses from the drop in Industrial'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 |
| Industrial vs. Sinofibers Technology Co | Industrial vs. Saurer Intelligent Technology | Industrial vs. Sinocelltech Group | Industrial vs. Dhc Software 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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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