Correlation Between Wuhan Hvsen and Bloomage Biotechnology
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By analyzing existing cross correlation between Wuhan Hvsen Biotechnology and Bloomage Biotechnology Corp, you can compare the effects of market volatilities on Wuhan Hvsen 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 Wuhan Hvsen with a short position of Bloomage Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wuhan Hvsen and Bloomage Biotechnology.
Diversification Opportunities for Wuhan Hvsen and Bloomage Biotechnology
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Wuhan and Bloomage is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Wuhan Hvsen Biotechnology and Bloomage Biotechnology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bloomage Biotechnology and Wuhan Hvsen 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 Wuhan Hvsen Biotechnology 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 Wuhan Hvsen i.e., Wuhan Hvsen and Bloomage Biotechnology go up and down completely randomly.
Pair Corralation between Wuhan Hvsen and Bloomage Biotechnology
Assuming the 90 days trading horizon Wuhan Hvsen Biotechnology is expected to generate 1.08 times more return on investment than Bloomage Biotechnology. However, Wuhan Hvsen is 1.08 times more volatile than Bloomage Biotechnology Corp. It trades about 0.04 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 1,245 in Wuhan Hvsen Biotechnology on September 12, 2024 and sell it today you would earn a total of 22.00 from holding Wuhan Hvsen Biotechnology or generate 1.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wuhan Hvsen Biotechnology vs. Bloomage Biotechnology Corp
Performance |
| Timeline |
| Wuhan Hvsen Biotechnology |
| Bloomage Biotechnology |
Wuhan Hvsen and Bloomage Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wuhan Hvsen and Bloomage Biotechnology
The main advantage of trading using opposite Wuhan Hvsen and Bloomage Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wuhan Hvsen 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.| Wuhan Hvsen vs. Cultural Investment Holdings | Wuhan Hvsen vs. Gome Telecom Equipment | Wuhan Hvsen vs. Holitech Technology Co | Wuhan Hvsen vs. Zotye Automobile Co |
| Bloomage Biotechnology vs. Zijin Mining Group | Bloomage Biotechnology vs. Wanhua Chemical Group | Bloomage Biotechnology vs. Baoshan Iron Steel | Bloomage Biotechnology vs. Rongsheng Petrochemical Co |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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