Correlation Between Zhejiang Yongjin and Bloomage Biotechnology
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By analyzing existing cross correlation between Zhejiang Yongjin Metal and Bloomage Biotechnology Corp, you can compare the effects of market volatilities on Zhejiang Yongjin 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 Zhejiang Yongjin with a short position of Bloomage Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Yongjin and Bloomage Biotechnology.
Diversification Opportunities for Zhejiang Yongjin and Bloomage Biotechnology
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Zhejiang and Bloomage is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Yongjin Metal and Bloomage Biotechnology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bloomage Biotechnology and Zhejiang Yongjin 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 Zhejiang Yongjin Metal 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 Zhejiang Yongjin i.e., Zhejiang Yongjin and Bloomage Biotechnology go up and down completely randomly.
Pair Corralation between Zhejiang Yongjin and Bloomage Biotechnology
Assuming the 90 days trading horizon Zhejiang Yongjin Metal is expected to generate 1.12 times more return on investment than Bloomage Biotechnology. However, Zhejiang Yongjin is 1.12 times more volatile than Bloomage Biotechnology Corp. It trades about 0.15 of its potential returns per unit of risk. Bloomage Biotechnology Corp is currently generating about -0.23 per unit of risk. If you would invest 1,866 in Zhejiang Yongjin Metal on October 27, 2024 and sell it today you would earn a total of 107.00 from holding Zhejiang Yongjin Metal or generate 5.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Yongjin Metal vs. Bloomage Biotechnology Corp
Performance |
| Timeline |
| Zhejiang Yongjin Metal |
| Bloomage Biotechnology |
Zhejiang Yongjin and Bloomage Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Yongjin and Bloomage Biotechnology
The main advantage of trading using opposite Zhejiang Yongjin and Bloomage Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Yongjin 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.| Zhejiang Yongjin vs. Zijin Mining Group | Zhejiang Yongjin vs. Wanhua Chemical Group | Zhejiang Yongjin vs. Baoshan Iron Steel | Zhejiang Yongjin vs. Shandong Gold Mining |
| Bloomage Biotechnology vs. Jointo Energy Investment | Bloomage Biotechnology vs. Bus Online Co | Bloomage Biotechnology vs. Jahen Household Products | Bloomage Biotechnology vs. Nuode Investment 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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