Correlation Between Keli Sensing and Bloomage Biotechnology
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By analyzing existing cross correlation between Keli Sensing Technology and Bloomage Biotechnology Corp, you can compare the effects of market volatilities on Keli Sensing 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 Keli Sensing with a short position of Bloomage Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keli Sensing and Bloomage Biotechnology.
Diversification Opportunities for Keli Sensing and Bloomage Biotechnology
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Keli and Bloomage is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Keli Sensing Technology and Bloomage Biotechnology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bloomage Biotechnology and Keli Sensing 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 Keli Sensing Technology 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 Keli Sensing i.e., Keli Sensing and Bloomage Biotechnology go up and down completely randomly.
Pair Corralation between Keli Sensing and Bloomage Biotechnology
Assuming the 90 days trading horizon Keli Sensing Technology is expected to generate 0.98 times more return on investment than Bloomage Biotechnology. However, Keli Sensing Technology is 1.02 times less risky than Bloomage Biotechnology. It trades about 0.29 of its potential returns per unit of risk. Bloomage Biotechnology Corp is currently generating about 0.09 per unit of risk. If you would invest 2,477 in Keli Sensing Technology on September 3, 2024 and sell it today you would earn a total of 2,627 from holding Keli Sensing Technology or generate 106.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keli Sensing Technology vs. Bloomage Biotechnology Corp
Performance |
| Timeline |
| Keli Sensing Technology |
| Bloomage Biotechnology |
Keli Sensing and Bloomage Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keli Sensing and Bloomage Biotechnology
The main advantage of trading using opposite Keli Sensing and Bloomage Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keli Sensing 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.| Keli Sensing vs. Zhongtong Guomai Communication | Keli Sensing vs. Anhui Fuhuang Steel | Keli Sensing vs. Jonjee Hi tech Industrial | Keli Sensing vs. Dongjiang Environmental Co |
| Bloomage Biotechnology vs. Kangping Technology Co | Bloomage Biotechnology vs. HanS Laser Tech | Bloomage Biotechnology vs. Niutech Environment Technology | Bloomage Biotechnology vs. Keli Sensing Technology |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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