Correlation Between Anker Innovations and Bloomage Biotechnology
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By analyzing existing cross correlation between Anker Innovations Technology and Bloomage Biotechnology Corp, you can compare the effects of market volatilities on Anker Innovations 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 Anker Innovations with a short position of Bloomage Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anker Innovations and Bloomage Biotechnology.
Diversification Opportunities for Anker Innovations and Bloomage Biotechnology
-0.81 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Anker and Bloomage is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding Anker Innovations Technology and Bloomage Biotechnology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bloomage Biotechnology and Anker Innovations 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 Anker Innovations Technology 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 Anker Innovations i.e., Anker Innovations and Bloomage Biotechnology go up and down completely randomly.
Pair Corralation between Anker Innovations and Bloomage Biotechnology
Assuming the 90 days trading horizon Anker Innovations Technology is expected to generate 1.4 times more return on investment than Bloomage Biotechnology. However, Anker Innovations is 1.4 times more volatile than Bloomage Biotechnology Corp. It trades about 0.35 of its potential returns per unit of risk. Bloomage Biotechnology Corp is currently generating about -0.15 per unit of risk. If you would invest 9,342 in Anker Innovations Technology on November 2, 2024 and sell it today you would earn a total of 1,510 from holding Anker Innovations Technology or generate 16.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anker Innovations Technology vs. Bloomage Biotechnology Corp
Performance |
| Timeline |
| Anker Innovations |
| Bloomage Biotechnology |
Anker Innovations and Bloomage Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anker Innovations and Bloomage Biotechnology
The main advantage of trading using opposite Anker Innovations and Bloomage Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anker Innovations 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.| Anker Innovations vs. Shenyang Chemical Industry | Anker Innovations vs. Maoming Petro Chemical Shihua | Anker Innovations vs. Jinsanjiang Silicon Material | Anker Innovations vs. Ningbo Bohui Chemical |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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