Correlation Between Bloomage Biotechnology and FSPG Hi
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By analyzing existing cross correlation between Bloomage Biotechnology Corp and FSPG Hi Tech Co, you can compare the effects of market volatilities on Bloomage Biotechnology and FSPG Hi 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 FSPG Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomage Biotechnology and FSPG Hi.
Diversification Opportunities for Bloomage Biotechnology and FSPG Hi
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bloomage and FSPG is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and FSPG Hi Tech Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FSPG Hi Tech 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 FSPG Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FSPG Hi Tech has no effect on the direction of Bloomage Biotechnology i.e., Bloomage Biotechnology and FSPG Hi go up and down completely randomly.
Pair Corralation between Bloomage Biotechnology and FSPG Hi
Assuming the 90 days trading horizon Bloomage Biotechnology Corp is expected to under-perform the FSPG Hi. In addition to that, Bloomage Biotechnology is 1.01 times more volatile than FSPG Hi Tech Co. It trades about -0.07 of its total potential returns per unit of risk. FSPG Hi Tech Co is currently generating about 0.03 per unit of volatility. If you would invest 460.00 in FSPG Hi Tech Co on October 14, 2024 and sell it today you would earn a total of 103.00 from holding FSPG Hi Tech Co or generate 22.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Bloomage Biotechnology Corp vs. FSPG Hi Tech Co
Performance |
| Timeline |
| Bloomage Biotechnology |
| FSPG Hi Tech |
Bloomage Biotechnology and FSPG Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloomage Biotechnology and FSPG Hi
The main advantage of trading using opposite Bloomage Biotechnology and FSPG Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomage Biotechnology position performs unexpectedly, FSPG Hi 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 FSPG Hi will offset losses from the drop in FSPG Hi's long position.The idea behind Bloomage Biotechnology Corp and FSPG Hi Tech Co pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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