Correlation Between Blue Sail and Qingdao NovelBeam
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By analyzing existing cross correlation between Blue Sail Medical and Qingdao NovelBeam Technology, you can compare the effects of market volatilities on Blue Sail and Qingdao NovelBeam 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 Qingdao NovelBeam. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Qingdao NovelBeam.
Diversification Opportunities for Blue Sail and Qingdao NovelBeam
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Blue and Qingdao is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Qingdao NovelBeam Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao NovelBeam 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 Qingdao NovelBeam. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao NovelBeam has no effect on the direction of Blue Sail i.e., Blue Sail and Qingdao NovelBeam go up and down completely randomly.
Pair Corralation between Blue Sail and Qingdao NovelBeam
Assuming the 90 days trading horizon Blue Sail Medical is expected to under-perform the Qingdao NovelBeam. But the stock apears to be less risky and, when comparing its historical volatility, Blue Sail Medical is 1.45 times less risky than Qingdao NovelBeam. The stock trades about -0.05 of its potential returns per unit of risk. The Qingdao NovelBeam Technology is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 3,731 in Qingdao NovelBeam Technology on August 29, 2024 and sell it today you would lose (114.00) from holding Qingdao NovelBeam Technology or give up 3.06% 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. Qingdao NovelBeam Technology
Performance |
| Timeline |
| Blue Sail Medical |
| Qingdao NovelBeam |
Blue Sail and Qingdao NovelBeam Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Qingdao NovelBeam
The main advantage of trading using opposite Blue Sail and Qingdao NovelBeam positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Qingdao NovelBeam 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 Qingdao NovelBeam will offset losses from the drop in Qingdao NovelBeam's long position.| Blue Sail vs. Industrial and Commercial | Blue Sail vs. China Construction Bank | Blue Sail vs. Agricultural Bank of | Blue Sail vs. Bank of China |
| Qingdao NovelBeam vs. Industrial and Commercial | Qingdao NovelBeam vs. China Construction Bank | Qingdao NovelBeam vs. Agricultural Bank of | Qingdao NovelBeam vs. Bank of China |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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