Correlation Between Bloomage Biotechnology and Easyhome New
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By analyzing existing cross correlation between Bloomage Biotechnology Corp and Easyhome New Retail, you can compare the effects of market volatilities on Bloomage Biotechnology and Easyhome New 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 Bloomage Biotechnology with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomage Biotechnology and Easyhome New.
Diversification Opportunities for Bloomage Biotechnology and Easyhome New
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Bloomage and Easyhome is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and Easyhome New Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Easyhome New Retail and Bloomage Biotechnology 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 Bloomage Biotechnology Corp are associated (or correlated) with Easyhome New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Easyhome New Retail has no effect on the direction of Bloomage Biotechnology i.e., Bloomage Biotechnology and Easyhome New go up and down completely randomly.
Pair Corralation between Bloomage Biotechnology and Easyhome New
Assuming the 90 days trading horizon Bloomage Biotechnology is expected to generate 3.1 times less return on investment than Easyhome New. In addition to that, Bloomage Biotechnology is 1.12 times more volatile than Easyhome New Retail. It trades about 0.04 of its total potential returns per unit of risk. Easyhome New Retail is currently generating about 0.14 per unit of volatility. If you would invest 290.00 in Easyhome New Retail on September 4, 2024 and sell it today you would earn a total of 20.00 from holding Easyhome New Retail or generate 6.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bloomage Biotechnology Corp vs. Easyhome New Retail
Performance |
| Timeline |
| Bloomage Biotechnology |
| Easyhome New Retail |
Bloomage Biotechnology and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloomage Biotechnology and Easyhome New
The main advantage of trading using opposite Bloomage Biotechnology and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomage Biotechnology position performs unexpectedly, Easyhome New 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 Easyhome New will offset losses from the drop in Easyhome New's long position.| Bloomage Biotechnology vs. Zijin Mining Group | Bloomage Biotechnology vs. Wanhua Chemical Group | Bloomage Biotechnology vs. Baoshan Iron Steel | Bloomage Biotechnology vs. Rongsheng Petrochemical Co |
| Easyhome New vs. Southern PublishingMedia Co | Easyhome New vs. Zhejiang Publishing Media | Easyhome New vs. Guangzhou Dongfang Hotel | Easyhome New vs. Duzhe Publishing Media |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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