Correlation Between Double Medical and Blue Sail
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By analyzing existing cross correlation between Double Medical Technology and Blue Sail Medical, you can compare the effects of market volatilities on Double Medical 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 Double Medical with a short position of Blue Sail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Double Medical and Blue Sail.
Diversification Opportunities for Double Medical and Blue Sail
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Double and Blue is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Double Medical Technology 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 Double Medical 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 Double Medical Technology 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 Double Medical i.e., Double Medical and Blue Sail go up and down completely randomly.
Pair Corralation between Double Medical and Blue Sail
Assuming the 90 days trading horizon Double Medical Technology is expected to under-perform the Blue Sail. But the stock apears to be less risky and, when comparing its historical volatility, Double Medical Technology is 1.08 times less risky than Blue Sail. The stock trades about -0.16 of its potential returns per unit of risk. The Blue Sail Medical is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 546.00 in Blue Sail Medical on September 1, 2024 and sell it today you would earn a total of 12.00 from holding Blue Sail Medical or generate 2.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Double Medical Technology vs. Blue Sail Medical
Performance |
| Timeline |
| Double Medical Technology |
| Blue Sail Medical |
Double Medical and Blue Sail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Double Medical and Blue Sail
The main advantage of trading using opposite Double Medical and Blue Sail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Double Medical 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.| Double Medical vs. Nanjing Putian Telecommunications | Double Medical vs. Shenzhen Hifuture Electric | Double Medical vs. Tianjin Realty Development | Double Medical vs. Shenyang Huitian Thermal |
| Blue Sail vs. Nanjing Putian Telecommunications | Blue Sail vs. Shenzhen Hifuture Electric | Blue Sail vs. Tianjin Realty Development | Blue Sail 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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