Correlation Between Tianshan Aluminum and Blue Sail
Specify exactly 2 symbols:
By analyzing existing cross correlation between Tianshan Aluminum Group and Blue Sail Medical, you can compare the effects of market volatilities on Tianshan Aluminum and Blue Sail 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 Tianshan Aluminum with a short position of Blue Sail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianshan Aluminum and Blue Sail.
Diversification Opportunities for Tianshan Aluminum and Blue Sail
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Tianshan and Blue is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Tianshan Aluminum Group and Blue Sail Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Sail Medical and Tianshan Aluminum 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 Tianshan Aluminum Group are associated (or correlated) with Blue Sail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Sail Medical has no effect on the direction of Tianshan Aluminum i.e., Tianshan Aluminum and Blue Sail go up and down completely randomly.
Pair Corralation between Tianshan Aluminum and Blue Sail
Assuming the 90 days trading horizon Tianshan Aluminum Group is expected to generate 1.04 times more return on investment than Blue Sail. However, Tianshan Aluminum is 1.04 times more volatile than Blue Sail Medical. It trades about 0.08 of its potential returns per unit of risk. Blue Sail Medical is currently generating about -0.04 per unit of risk. If you would invest 575.00 in Tianshan Aluminum Group on October 30, 2024 and sell it today you would earn a total of 338.00 from holding Tianshan Aluminum Group or generate 58.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianshan Aluminum Group vs. Blue Sail Medical
Performance |
| Timeline |
| Tianshan Aluminum |
| Blue Sail Medical |
Tianshan Aluminum and Blue Sail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianshan Aluminum and Blue Sail
The main advantage of trading using opposite Tianshan Aluminum and Blue Sail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianshan Aluminum position performs unexpectedly, Blue Sail 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 Blue Sail will offset losses from the drop in Blue Sail's long position.| Tianshan Aluminum vs. China State Construction | Tianshan Aluminum vs. Poly Real Estate | Tianshan Aluminum vs. China Vanke Co | Tianshan Aluminum vs. China Merchants Shekou |
| Blue Sail vs. Agricultural Bank of | Blue Sail vs. Industrial and Commercial | Blue Sail vs. Bank of China | Blue Sail vs. China Construction Bank |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |