Correlation Between Blue Sail and Zhende Medical
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By analyzing existing cross correlation between Blue Sail Medical and Zhende Medical Co, you can compare the effects of market volatilities on Blue Sail and Zhende 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 Zhende Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Zhende Medical.
Diversification Opportunities for Blue Sail and Zhende Medical
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Blue and Zhende is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Zhende Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhende 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 Zhende Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhende Medical has no effect on the direction of Blue Sail i.e., Blue Sail and Zhende Medical go up and down completely randomly.
Pair Corralation between Blue Sail and Zhende Medical
Assuming the 90 days trading horizon Blue Sail Medical is expected to generate 1.48 times more return on investment than Zhende Medical. However, Blue Sail is 1.48 times more volatile than Zhende Medical Co. It trades about 0.06 of its potential returns per unit of risk. Zhende Medical Co is currently generating about 0.04 per unit of risk. If you would invest 546.00 in Blue Sail Medical on September 1, 2024 and sell it today you would earn a total of 12.00 from holding Blue Sail Medical or generate 2.2% 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. Zhende Medical Co
Performance |
| Timeline |
| Blue Sail Medical |
| Zhende Medical |
Blue Sail and Zhende Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Zhende Medical
The main advantage of trading using opposite Blue Sail and Zhende Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Zhende 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 Zhende Medical will offset losses from the drop in Zhende Medical'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 |
| Zhende Medical vs. Nanjing Putian Telecommunications | Zhende Medical vs. Shenzhen Hifuture Electric | Zhende Medical vs. Tianjin Realty Development | Zhende Medical vs. Shenyang Huitian Thermal |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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