Correlation Between CSSC Offshore and Bloomage Biotechnology Co

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both CSSC Offshore and Bloomage Biotechnology Co at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining CSSC Offshore and Bloomage Biotechnology Co into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CSSC Offshore Marine and Bloomage Biotechnology Corp, you can compare the effects of market volatilities on CSSC Offshore 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 CSSC Offshore with a short position of Bloomage Biotechnology Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Bloomage Biotechnology Co.

Diversification Opportunities for CSSC Offshore and Bloomage Biotechnology Co

0.62
  Correlation Coefficient

Poor diversification

The 3 months correlation between CSSC and Bloomage is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine 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 CSSC Offshore 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 CSSC Offshore Marine 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 CSSC Offshore i.e., CSSC Offshore and Bloomage Biotechnology Co go up and down completely randomly.

Pair Corralation between CSSC Offshore and Bloomage Biotechnology Co

Assuming the 90 days trading horizon CSSC Offshore Marine is expected to generate 0.93 times more return on investment than Bloomage Biotechnology Co. However, CSSC Offshore Marine is 1.08 times less risky than Bloomage Biotechnology Co. It trades about 0.01 of its potential returns per unit of risk. Bloomage Biotechnology Corp is currently generating about -0.07 per unit of risk. If you would invest  2,347  in CSSC Offshore Marine on November 5, 2024 and sell it today you would lose (10.00) from holding CSSC Offshore Marine or give up 0.43% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

CSSC Offshore Marine  vs.  Bloomage Biotechnology Corp

 Performance 
       Timeline  
CSSC Offshore Marine 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days CSSC Offshore Marine has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest weak performance, the Stock's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.
Bloomage Biotechnology Co 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Bloomage Biotechnology Corp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in March 2025. The current disturbance may also be a sign of long term up-swing for the company investors.

CSSC Offshore and Bloomage Biotechnology Co Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with CSSC Offshore and Bloomage Biotechnology Co

The main advantage of trading using opposite CSSC Offshore and Bloomage Biotechnology Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore 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.
CSSC Offshore vs. Quectel Wireless Solutions
CSSC Offshore vs. Bonree Data Technology
CSSC Offshore vs. Tsingtao Brewery Co
CSSC Offshore vs. Jiangsu Yanghe Brewery
The idea behind CSSC Offshore Marine and Bloomage Biotechnology Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
Bloomage Biotechnology Co vs. Mengtian Home Group
Bloomage Biotechnology Co vs. Juneyao Airlines
Bloomage Biotechnology Co vs. Fibocom Wireless
Bloomage Biotechnology Co vs. Peoples Insurance of
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.

Other Complementary Tools

Top Crypto Exchanges
Search and analyze digital assets across top global cryptocurrency exchanges
Performance Analysis
Check effects of mean-variance optimization against your current asset allocation
Crypto Correlations
Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins
Stock Tickers
Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites
Efficient Frontier
Plot and analyze your portfolio and positions against risk-return landscape of the market.


 
Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2024 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY