Correlation Between Bloomage Biotechnology and Tianshui Huatian
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By analyzing existing cross correlation between Bloomage Biotechnology Corp and Tianshui Huatian Technology, you can compare the effects of market volatilities on Bloomage Biotechnology and Tianshui Huatian 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 Tianshui Huatian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomage Biotechnology and Tianshui Huatian.
Diversification Opportunities for Bloomage Biotechnology and Tianshui Huatian
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bloomage and Tianshui is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and Tianshui Huatian Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianshui Huatian Tec 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 Tianshui Huatian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianshui Huatian Tec has no effect on the direction of Bloomage Biotechnology i.e., Bloomage Biotechnology and Tianshui Huatian go up and down completely randomly.
Pair Corralation between Bloomage Biotechnology and Tianshui Huatian
Assuming the 90 days trading horizon Bloomage Biotechnology Corp is expected to generate 0.97 times more return on investment than Tianshui Huatian. However, Bloomage Biotechnology Corp is 1.03 times less risky than Tianshui Huatian. It trades about -0.15 of its potential returns per unit of risk. Tianshui Huatian Technology is currently generating about -0.31 per unit of risk. If you would invest 6,551 in Bloomage Biotechnology Corp on September 12, 2024 and sell it today you would lose (495.00) from holding Bloomage Biotechnology Corp or give up 7.56% 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. Tianshui Huatian Technology
Performance |
| Timeline |
| Bloomage Biotechnology |
| Tianshui Huatian Tec |
Bloomage Biotechnology and Tianshui Huatian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloomage Biotechnology and Tianshui Huatian
The main advantage of trading using opposite Bloomage Biotechnology and Tianshui Huatian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomage Biotechnology position performs unexpectedly, Tianshui Huatian 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 Tianshui Huatian will offset losses from the drop in Tianshui Huatian'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 |
| Tianshui Huatian vs. Gansu Jiu Steel | Tianshui Huatian vs. Shandong Mining Machinery | Tianshui Huatian vs. Aba Chemicals Corp | Tianshui Huatian vs. BlueFocus Communication Group |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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