Correlation Between Bloomage Biotechnology and Beijing Kaiwen
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By analyzing existing cross correlation between Bloomage Biotechnology Corp and Beijing Kaiwen Education, you can compare the effects of market volatilities on Bloomage Biotechnology and Beijing Kaiwen 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 Beijing Kaiwen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomage Biotechnology and Beijing Kaiwen.
Diversification Opportunities for Bloomage Biotechnology and Beijing Kaiwen
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Bloomage and Beijing is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and Beijing Kaiwen Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kaiwen Education 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 Beijing Kaiwen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kaiwen Education has no effect on the direction of Bloomage Biotechnology i.e., Bloomage Biotechnology and Beijing Kaiwen go up and down completely randomly.
Pair Corralation between Bloomage Biotechnology and Beijing Kaiwen
Assuming the 90 days trading horizon Bloomage Biotechnology Corp is expected to under-perform the Beijing Kaiwen. But the stock apears to be less risky and, when comparing its historical volatility, Bloomage Biotechnology Corp is 1.24 times less risky than Beijing Kaiwen. The stock trades about -0.07 of its potential returns per unit of risk. The Beijing Kaiwen Education is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 506.00 in Beijing Kaiwen Education on October 7, 2024 and sell it today you would lose (86.00) from holding Beijing Kaiwen Education or give up 17.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bloomage Biotechnology Corp vs. Beijing Kaiwen Education
Performance |
| Timeline |
| Bloomage Biotechnology |
| Beijing Kaiwen Education |
Bloomage Biotechnology and Beijing Kaiwen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloomage Biotechnology and Beijing Kaiwen
The main advantage of trading using opposite Bloomage Biotechnology and Beijing Kaiwen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomage Biotechnology position performs unexpectedly, Beijing Kaiwen 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 Beijing Kaiwen will offset losses from the drop in Beijing Kaiwen'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 |
| Beijing Kaiwen vs. BeiGene | Beijing Kaiwen vs. G bits Network Technology | Beijing Kaiwen vs. China Mobile Limited | Beijing Kaiwen vs. Gansu Jiu Steel |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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