Correlation Between Hunan Mendale and Bloomage Biotechnology
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By analyzing existing cross correlation between Hunan Mendale Hometextile and Bloomage Biotechnology Corp, you can compare the effects of market volatilities on Hunan Mendale and Bloomage Biotechnology 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 Hunan Mendale with a short position of Bloomage Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan Mendale and Bloomage Biotechnology.
Diversification Opportunities for Hunan Mendale and Bloomage Biotechnology
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hunan and Bloomage is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Hunan Mendale Hometextile and Bloomage Biotechnology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bloomage Biotechnology and Hunan Mendale 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 Hunan Mendale Hometextile are associated (or correlated) with Bloomage Biotechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bloomage Biotechnology has no effect on the direction of Hunan Mendale i.e., Hunan Mendale and Bloomage Biotechnology go up and down completely randomly.
Pair Corralation between Hunan Mendale and Bloomage Biotechnology
Assuming the 90 days trading horizon Hunan Mendale Hometextile is expected to generate 4.04 times more return on investment than Bloomage Biotechnology. However, Hunan Mendale is 4.04 times more volatile than Bloomage Biotechnology Corp. It trades about 0.06 of its potential returns per unit of risk. Bloomage Biotechnology Corp is currently generating about -0.24 per unit of risk. If you would invest 290.00 in Hunan Mendale Hometextile on October 20, 2024 and sell it today you would earn a total of 11.00 from holding Hunan Mendale Hometextile or generate 3.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan Mendale Hometextile vs. Bloomage Biotechnology Corp
Performance |
| Timeline |
| Hunan Mendale Hometextile |
| Bloomage Biotechnology |
Hunan Mendale and Bloomage Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan Mendale and Bloomage Biotechnology
The main advantage of trading using opposite Hunan Mendale and Bloomage Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan Mendale position performs unexpectedly, Bloomage Biotechnology 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 Bloomage Biotechnology will offset losses from the drop in Bloomage Biotechnology's long position.| Hunan Mendale vs. Ningxia Building Materials | Hunan Mendale vs. China Aluminum International | Hunan Mendale vs. Cangzhou Mingzhu Plastic | Hunan Mendale vs. Chongqing Shunbo Aluminum |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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