Correlation Between Blue Sail and Guangdong Marubi
Specify exactly 2 symbols:
By analyzing existing cross correlation between Blue Sail Medical and Guangdong Marubi Biotechnology, you can compare the effects of market volatilities on Blue Sail and Guangdong Marubi 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 Guangdong Marubi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Guangdong Marubi.
Diversification Opportunities for Blue Sail and Guangdong Marubi
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Blue and Guangdong is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Guangdong Marubi Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Marubi Bio 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 Guangdong Marubi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Marubi Bio has no effect on the direction of Blue Sail i.e., Blue Sail and Guangdong Marubi go up and down completely randomly.
Pair Corralation between Blue Sail and Guangdong Marubi
Assuming the 90 days trading horizon Blue Sail Medical is expected to generate 0.96 times more return on investment than Guangdong Marubi. However, Blue Sail Medical is 1.04 times less risky than Guangdong Marubi. It trades about -0.05 of its potential returns per unit of risk. Guangdong Marubi Biotechnology is currently generating about -0.21 per unit of risk. If you would invest 562.00 in Blue Sail Medical on August 29, 2024 and sell it today you would lose (16.00) from holding Blue Sail Medical or give up 2.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Sail Medical vs. Guangdong Marubi Biotechnology
Performance |
| Timeline |
| Blue Sail Medical |
| Guangdong Marubi Bio |
Blue Sail and Guangdong Marubi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Guangdong Marubi
The main advantage of trading using opposite Blue Sail and Guangdong Marubi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Guangdong Marubi 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 Guangdong Marubi will offset losses from the drop in Guangdong Marubi's long position.| Blue Sail vs. Bank of China | Blue Sail vs. Kweichow Moutai Co | Blue Sail vs. PetroChina Co Ltd | Blue Sail vs. Bank of Communications |
| Guangdong Marubi vs. Longjian Road Bridge | Guangdong Marubi vs. Dazhong Transportation Group | Guangdong Marubi vs. Heilongjiang Publishing Media | Guangdong Marubi vs. Guizhou BroadcastingTV Info |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Stocks Directory Find actively traded stocks across global markets |