Correlation Between Jiangsu Financial and Bloomage Biotechnology
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By analyzing existing cross correlation between Jiangsu Financial Leasing and Bloomage Biotechnology Corp, you can compare the effects of market volatilities on Jiangsu Financial 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 Jiangsu Financial with a short position of Bloomage Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Financial and Bloomage Biotechnology.
Diversification Opportunities for Jiangsu Financial and Bloomage Biotechnology
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jiangsu and Bloomage is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Financial Leasing and Bloomage Biotechnology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bloomage Biotechnology and Jiangsu Financial 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 Jiangsu Financial Leasing 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 Jiangsu Financial i.e., Jiangsu Financial and Bloomage Biotechnology go up and down completely randomly.
Pair Corralation between Jiangsu Financial and Bloomage Biotechnology
Assuming the 90 days trading horizon Jiangsu Financial Leasing is expected to generate 0.75 times more return on investment than Bloomage Biotechnology. However, Jiangsu Financial Leasing is 1.33 times less risky than Bloomage Biotechnology. It trades about -0.01 of its potential returns per unit of risk. Bloomage Biotechnology Corp is currently generating about -0.34 per unit of risk. If you would invest 508.00 in Jiangsu Financial Leasing on October 17, 2024 and sell it today you would lose (2.00) from holding Jiangsu Financial Leasing or give up 0.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Financial Leasing vs. Bloomage Biotechnology Corp
Performance |
| Timeline |
| Jiangsu Financial Leasing |
| Bloomage Biotechnology |
Jiangsu Financial and Bloomage Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Financial and Bloomage Biotechnology
The main advantage of trading using opposite Jiangsu Financial and Bloomage Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Financial 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.| Jiangsu Financial vs. Leyard Optoelectronic | Jiangsu Financial vs. Sihui Fuji Electronics | Jiangsu Financial vs. Jinlong Machinery Electronic | Jiangsu Financial vs. HaiXin Foods 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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