Correlation Between Blue Sail and Xinhua Winshare
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By analyzing existing cross correlation between Blue Sail Medical and Xinhua Winshare Publishing, you can compare the effects of market volatilities on Blue Sail and Xinhua Winshare 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 Xinhua Winshare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Xinhua Winshare.
Diversification Opportunities for Blue Sail and Xinhua Winshare
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Blue and Xinhua is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Xinhua Winshare Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinhua Winshare Publ 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 Xinhua Winshare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinhua Winshare Publ has no effect on the direction of Blue Sail i.e., Blue Sail and Xinhua Winshare go up and down completely randomly.
Pair Corralation between Blue Sail and Xinhua Winshare
Assuming the 90 days trading horizon Blue Sail Medical is expected to under-perform the Xinhua Winshare. But the stock apears to be less risky and, when comparing its historical volatility, Blue Sail Medical is 1.06 times less risky than Xinhua Winshare. The stock trades about -0.02 of its potential returns per unit of risk. The Xinhua Winshare Publishing is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 1,699 in Xinhua Winshare Publishing on August 31, 2024 and sell it today you would lose (241.00) from holding Xinhua Winshare Publishing or give up 14.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Sail Medical vs. Xinhua Winshare Publishing
Performance |
| Timeline |
| Blue Sail Medical |
| Xinhua Winshare Publ |
Blue Sail and Xinhua Winshare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Xinhua Winshare
The main advantage of trading using opposite Blue Sail and Xinhua Winshare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Xinhua Winshare 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 Xinhua Winshare will offset losses from the drop in Xinhua Winshare's long position.| Blue Sail vs. PetroChina Co Ltd | Blue Sail vs. China Mobile Limited | Blue Sail vs. Ping An Insurance | Blue Sail vs. China Petroleum Chemical |
| Xinhua Winshare vs. BYD Co Ltd | Xinhua Winshare vs. Agricultural Bank of | Xinhua Winshare vs. Industrial and Commercial | Xinhua Winshare vs. China State Construction |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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