Correlation Between Shandong Gold and Bloomage Biotechnology Co
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By analyzing existing cross correlation between Shandong Gold Mining and Bloomage Biotechnology Corp, you can compare the effects of market volatilities on Shandong Gold 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 Shandong Gold with a short position of Bloomage Biotechnology Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Gold and Bloomage Biotechnology Co.
Diversification Opportunities for Shandong Gold and Bloomage Biotechnology Co
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shandong and Bloomage is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Gold Mining 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 Shandong Gold 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 Shandong Gold Mining 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 Shandong Gold i.e., Shandong Gold and Bloomage Biotechnology Co go up and down completely randomly.
Pair Corralation between Shandong Gold and Bloomage Biotechnology Co
Assuming the 90 days trading horizon Shandong Gold Mining is expected to generate 0.93 times more return on investment than Bloomage Biotechnology Co. However, Shandong Gold Mining is 1.07 times less risky than Bloomage Biotechnology Co. It trades about 0.05 of its potential returns per unit of risk. Bloomage Biotechnology Corp is currently generating about -0.13 per unit of risk. If you would invest 2,404 in Shandong Gold Mining on November 6, 2024 and sell it today you would earn a total of 29.00 from holding Shandong Gold Mining or generate 1.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Gold Mining vs. Bloomage Biotechnology Corp
Performance |
| Timeline |
| Shandong Gold Mining |
| Bloomage Biotechnology Co |
Shandong Gold and Bloomage Biotechnology Co Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Gold and Bloomage Biotechnology Co
The main advantage of trading using opposite Shandong Gold and Bloomage Biotechnology Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Gold 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.| Shandong Gold vs. Queclink Wireless Solutions | Shandong Gold vs. Shanghai Rightongene Biotechnology | Shandong Gold vs. Beijing Kingsoft Office | Shandong Gold vs. Maccura Biotechnology 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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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