Correlation Between Kangyue Technology and Bloomage Biotechnology Co
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By analyzing existing cross correlation between Kangyue Technology Co and Bloomage Biotechnology Corp, you can compare the effects of market volatilities on Kangyue Technology and Bloomage Biotechnology Co 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 Kangyue Technology with a short position of Bloomage Biotechnology Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangyue Technology and Bloomage Biotechnology Co.
Diversification Opportunities for Kangyue Technology and Bloomage Biotechnology Co
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Kangyue and Bloomage is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Kangyue Technology Co and Bloomage Biotechnology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bloomage Biotechnology Co and Kangyue Technology 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 Kangyue Technology Co are associated (or correlated) with Bloomage Biotechnology Co. 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 Co has no effect on the direction of Kangyue Technology i.e., Kangyue Technology and Bloomage Biotechnology Co go up and down completely randomly.
Pair Corralation between Kangyue Technology and Bloomage Biotechnology Co
Assuming the 90 days trading horizon Kangyue Technology Co is expected to generate 1.71 times more return on investment than Bloomage Biotechnology Co. However, Kangyue Technology is 1.71 times more volatile than Bloomage Biotechnology Corp. It trades about 0.02 of its potential returns per unit of risk. Bloomage Biotechnology Corp is currently generating about -0.04 per unit of risk. If you would invest 404.00 in Kangyue Technology Co on November 3, 2024 and sell it today you would lose (28.00) from holding Kangyue Technology Co or give up 6.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kangyue Technology Co vs. Bloomage Biotechnology Corp
Performance |
| Timeline |
| Kangyue Technology |
| Bloomage Biotechnology Co |
Kangyue Technology and Bloomage Biotechnology Co Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangyue Technology and Bloomage Biotechnology Co
The main advantage of trading using opposite Kangyue Technology and Bloomage Biotechnology Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangyue Technology position performs unexpectedly, Bloomage Biotechnology Co 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 Co will offset losses from the drop in Bloomage Biotechnology Co's long position.| Kangyue Technology vs. Dawning Information Industry | Kangyue Technology vs. Longmaster Information Tech | Kangyue Technology vs. Jiangsu Broadcasting Cable | Kangyue Technology vs. Emdoor Information Co |
| Bloomage Biotechnology Co vs. Zijin Mining Group | Bloomage Biotechnology Co vs. Wanhua Chemical Group | Bloomage Biotechnology Co vs. Baoshan Iron Steel | Bloomage Biotechnology Co vs. Shandong Gold Mining |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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