Correlation Between Bloomage Biotechnology and Thunder Software
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bloomage Biotechnology Corp and Thunder Software Technology, you can compare the effects of market volatilities on Bloomage Biotechnology and Thunder Software 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 Thunder Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomage Biotechnology and Thunder Software.
Diversification Opportunities for Bloomage Biotechnology and Thunder Software
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Bloomage and Thunder is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and Thunder Software Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thunder Software 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 Thunder Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thunder Software Tec has no effect on the direction of Bloomage Biotechnology i.e., Bloomage Biotechnology and Thunder Software go up and down completely randomly.
Pair Corralation between Bloomage Biotechnology and Thunder Software
Assuming the 90 days trading horizon Bloomage Biotechnology Corp is expected to under-perform the Thunder Software. But the stock apears to be less risky and, when comparing its historical volatility, Bloomage Biotechnology Corp is 3.21 times less risky than Thunder Software. The stock trades about -0.22 of its potential returns per unit of risk. The Thunder Software Technology is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 6,531 in Thunder Software Technology on October 28, 2024 and sell it today you would lose (39.00) from holding Thunder Software Technology or give up 0.6% 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. Thunder Software Technology
Performance |
| Timeline |
| Bloomage Biotechnology |
| Thunder Software Tec |
Bloomage Biotechnology and Thunder Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloomage Biotechnology and Thunder Software
The main advantage of trading using opposite Bloomage Biotechnology and Thunder Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomage Biotechnology position performs unexpectedly, Thunder Software 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 Thunder Software will offset losses from the drop in Thunder Software'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 |
| Thunder Software vs. Bank of China | Thunder Software vs. Kweichow Moutai Co | Thunder Software vs. PetroChina Co Ltd | Thunder Software vs. Bank of Communications |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |