Correlation Between Nanjing OLO and Blue Sail
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By analyzing existing cross correlation between Nanjing OLO Home and Blue Sail Medical, you can compare the effects of market volatilities on Nanjing OLO 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 Nanjing OLO with a short position of Blue Sail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing OLO and Blue Sail.
Diversification Opportunities for Nanjing OLO and Blue Sail
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Nanjing and Blue is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing OLO Home 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 Nanjing OLO 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 Nanjing OLO Home 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 Nanjing OLO i.e., Nanjing OLO and Blue Sail go up and down completely randomly.
Pair Corralation between Nanjing OLO and Blue Sail
Assuming the 90 days trading horizon Nanjing OLO Home is expected to under-perform the Blue Sail. In addition to that, Nanjing OLO is 1.35 times more volatile than Blue Sail Medical. It trades about -0.03 of its total potential returns per unit of risk. Blue Sail Medical is currently generating about -0.04 per unit of volatility. If you would invest 677.00 in Blue Sail Medical on October 30, 2024 and sell it today you would lose (201.00) from holding Blue Sail Medical or give up 29.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nanjing OLO Home vs. Blue Sail Medical
Performance |
| Timeline |
| Nanjing OLO Home |
| Blue Sail Medical |
Nanjing OLO and Blue Sail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing OLO and Blue Sail
The main advantage of trading using opposite Nanjing OLO and Blue Sail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing OLO 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.| Nanjing OLO vs. Shenzhen Centralcon Investment | Nanjing OLO vs. Sanbo Hospital Management | Nanjing OLO vs. Harbin Air Conditioning | Nanjing OLO vs. China Eastern Airlines |
| Blue Sail vs. Agricultural Bank of | Blue Sail vs. Industrial and Commercial | Blue Sail vs. Bank of China | Blue Sail vs. China Construction Bank |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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