Correlation Between Sunny Loan and Blue Sail
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sunny Loan Top and Blue Sail Medical, you can compare the effects of market volatilities on Sunny Loan and Blue Sail 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 Sunny Loan with a short position of Blue Sail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunny Loan and Blue Sail.
Diversification Opportunities for Sunny Loan and Blue Sail
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sunny and Blue is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Sunny Loan Top and Blue Sail Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Sail Medical and Sunny Loan 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 Sunny Loan Top are associated (or correlated) with Blue Sail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Sail Medical has no effect on the direction of Sunny Loan i.e., Sunny Loan and Blue Sail go up and down completely randomly.
Pair Corralation between Sunny Loan and Blue Sail
Assuming the 90 days trading horizon Sunny Loan Top is expected to under-perform the Blue Sail. In addition to that, Sunny Loan is 2.78 times more volatile than Blue Sail Medical. It trades about -0.21 of its total potential returns per unit of risk. Blue Sail Medical is currently generating about -0.54 per unit of volatility. If you would invest 581.00 in Blue Sail Medical on October 17, 2024 and sell it today you would lose (99.00) from holding Blue Sail Medical or give up 17.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sunny Loan Top vs. Blue Sail Medical
Performance |
| Timeline |
| Sunny Loan Top |
| Blue Sail Medical |
Sunny Loan and Blue Sail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sunny Loan and Blue Sail
The main advantage of trading using opposite Sunny Loan and Blue Sail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunny Loan position performs unexpectedly, Blue Sail 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 Blue Sail will offset losses from the drop in Blue Sail's long position.| Sunny Loan vs. Anhui Gujing Distillery | Sunny Loan vs. Beijing Shunxin Agriculture | Sunny Loan vs. Shenyang Huitian Thermal | Sunny Loan vs. Anhui Tongguan Copper |
| Blue Sail vs. Runjian Communication Co | Blue Sail vs. Ningbo Fangzheng Automobile | Blue Sail vs. Nanjing Putian Telecommunications | Blue Sail vs. Fiberhome Telecommunication Technologies |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |