Correlation Between Bloomage Biotechnology and Hunan TV
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By analyzing existing cross correlation between Bloomage Biotechnology Corp and Hunan TV Broadcast, you can compare the effects of market volatilities on Bloomage Biotechnology and Hunan TV 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 Hunan TV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomage Biotechnology and Hunan TV.
Diversification Opportunities for Bloomage Biotechnology and Hunan TV
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bloomage and Hunan is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and Hunan TV Broadcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan TV Broadcast 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 Hunan TV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan TV Broadcast has no effect on the direction of Bloomage Biotechnology i.e., Bloomage Biotechnology and Hunan TV go up and down completely randomly.
Pair Corralation between Bloomage Biotechnology and Hunan TV
Assuming the 90 days trading horizon Bloomage Biotechnology Corp is expected to under-perform the Hunan TV. But the stock apears to be less risky and, when comparing its historical volatility, Bloomage Biotechnology Corp is 1.56 times less risky than Hunan TV. The stock trades about -0.21 of its potential returns per unit of risk. The Hunan TV Broadcast is currently generating about -0.08 of returns per unit of risk over similar time horizon. If you would invest 819.00 in Hunan TV Broadcast on October 28, 2024 and sell it today you would lose (91.00) from holding Hunan TV Broadcast or give up 11.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bloomage Biotechnology Corp vs. Hunan TV Broadcast
Performance |
| Timeline |
| Bloomage Biotechnology |
| Hunan TV Broadcast |
Bloomage Biotechnology and Hunan TV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloomage Biotechnology and Hunan TV
The main advantage of trading using opposite Bloomage Biotechnology and Hunan TV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomage Biotechnology position performs unexpectedly, Hunan TV 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 Hunan TV will offset losses from the drop in Hunan TV's long position.| Bloomage Biotechnology vs. Zijin Mining Group | Bloomage Biotechnology vs. Wanhua Chemical Group | Bloomage Biotechnology vs. Baoshan Iron Steel | Bloomage Biotechnology vs. Shandong Gold Mining |
| Hunan TV vs. Jiangsu Yanghe Brewery | Hunan TV vs. Giantec Semiconductor Corp | Hunan TV vs. YiDong Electronics Technology | Hunan TV vs. Ningbo Kangqiang Electronics |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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