Correlation Between Blue Sail and CareRay Digital
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By analyzing existing cross correlation between Blue Sail Medical and CareRay Digital Medical, you can compare the effects of market volatilities on Blue Sail and CareRay Digital 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 CareRay Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and CareRay Digital.
Diversification Opportunities for Blue Sail and CareRay Digital
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Blue and CareRay is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and CareRay Digital Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CareRay Digital 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 CareRay Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CareRay Digital Medical has no effect on the direction of Blue Sail i.e., Blue Sail and CareRay Digital go up and down completely randomly.
Pair Corralation between Blue Sail and CareRay Digital
Assuming the 90 days trading horizon Blue Sail is expected to generate 3.58 times less return on investment than CareRay Digital. But when comparing it to its historical volatility, Blue Sail Medical is 1.56 times less risky than CareRay Digital. It trades about 0.06 of its potential returns per unit of risk. CareRay Digital Medical is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 1,441 in CareRay Digital Medical on September 1, 2024 and sell it today you would earn a total of 123.00 from holding CareRay Digital Medical or generate 8.54% 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. CareRay Digital Medical
Performance |
| Timeline |
| Blue Sail Medical |
| CareRay Digital Medical |
Blue Sail and CareRay Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and CareRay Digital
The main advantage of trading using opposite Blue Sail and CareRay Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, CareRay Digital 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 CareRay Digital will offset losses from the drop in CareRay Digital'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 |
| CareRay Digital vs. Nanjing Putian Telecommunications | CareRay Digital vs. Shenzhen Hifuture Electric | CareRay Digital vs. Tianjin Realty Development | CareRay Digital 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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