Correlation Between Blue Sail and Jinduicheng Molybdenum
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By analyzing existing cross correlation between Blue Sail Medical and Jinduicheng Molybdenum Co, you can compare the effects of market volatilities on Blue Sail and Jinduicheng Molybdenum 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 Jinduicheng Molybdenum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Jinduicheng Molybdenum.
Diversification Opportunities for Blue Sail and Jinduicheng Molybdenum
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Blue and Jinduicheng is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Jinduicheng Molybdenum Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinduicheng Molybdenum 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 Jinduicheng Molybdenum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinduicheng Molybdenum has no effect on the direction of Blue Sail i.e., Blue Sail and Jinduicheng Molybdenum go up and down completely randomly.
Pair Corralation between Blue Sail and Jinduicheng Molybdenum
Assuming the 90 days trading horizon Blue Sail Medical is expected to generate 1.25 times more return on investment than Jinduicheng Molybdenum. However, Blue Sail is 1.25 times more volatile than Jinduicheng Molybdenum Co. It trades about 0.15 of its potential returns per unit of risk. Jinduicheng Molybdenum Co is currently generating about 0.07 per unit of risk. If you would invest 452.00 in Blue Sail Medical on September 3, 2024 and sell it today you would earn a total of 106.00 from holding Blue Sail Medical or generate 23.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Sail Medical vs. Jinduicheng Molybdenum Co
Performance |
| Timeline |
| Blue Sail Medical |
| Jinduicheng Molybdenum |
Blue Sail and Jinduicheng Molybdenum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Jinduicheng Molybdenum
The main advantage of trading using opposite Blue Sail and Jinduicheng Molybdenum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Jinduicheng Molybdenum 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 Jinduicheng Molybdenum will offset losses from the drop in Jinduicheng Molybdenum's long position.| Blue Sail vs. Chengdu Kanghua Biological | Blue Sail vs. Beijing Wantai Biological | Blue Sail vs. Suzhou Novoprotein Scientific | Blue Sail vs. Aluminum Corp of |
| Jinduicheng Molybdenum vs. Allgens Medical Technology | Jinduicheng Molybdenum vs. DO Home Collection | Jinduicheng Molybdenum vs. Shenzhen Glory Medical | Jinduicheng Molybdenum vs. Blue Sail Medical |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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