Correlation Between Blue Sail and Nanjing Medlander
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By analyzing existing cross correlation between Blue Sail Medical and Nanjing Medlander Medical, you can compare the effects of market volatilities on Blue Sail and Nanjing Medlander 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 Nanjing Medlander. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Nanjing Medlander.
Diversification Opportunities for Blue Sail and Nanjing Medlander
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Blue and Nanjing is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Nanjing Medlander Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Medlander 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 Nanjing Medlander. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Medlander Medical has no effect on the direction of Blue Sail i.e., Blue Sail and Nanjing Medlander go up and down completely randomly.
Pair Corralation between Blue Sail and Nanjing Medlander
Assuming the 90 days trading horizon Blue Sail Medical is expected to generate 0.87 times more return on investment than Nanjing Medlander. However, Blue Sail Medical is 1.15 times less risky than Nanjing Medlander. It trades about 0.09 of its potential returns per unit of risk. Nanjing Medlander Medical is currently generating about -0.09 per unit of risk. If you would invest 562.00 in Blue Sail Medical on September 12, 2024 and sell it today you would earn a total of 21.00 from holding Blue Sail Medical or generate 3.74% 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. Nanjing Medlander Medical
Performance |
| Timeline |
| Blue Sail Medical |
| Nanjing Medlander Medical |
Blue Sail and Nanjing Medlander Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Nanjing Medlander
The main advantage of trading using opposite Blue Sail and Nanjing Medlander positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Nanjing Medlander 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 Nanjing Medlander will offset losses from the drop in Nanjing Medlander's long position.| Blue Sail vs. Cultural Investment Holdings | Blue Sail vs. Gome Telecom Equipment | Blue Sail vs. Holitech Technology Co | Blue Sail vs. Zotye Automobile Co |
| Nanjing Medlander vs. Cultural Investment Holdings | Nanjing Medlander vs. Gome Telecom Equipment | Nanjing Medlander vs. Holitech Technology Co | Nanjing Medlander vs. Zotye Automobile 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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