Correlation Between Bloomage Biotechnology and Hua Xia
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By analyzing existing cross correlation between Bloomage Biotechnology Corp and Hua Xia Bank, you can compare the effects of market volatilities on Bloomage Biotechnology and Hua Xia 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 Hua Xia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomage Biotechnology and Hua Xia.
Diversification Opportunities for Bloomage Biotechnology and Hua Xia
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Bloomage and Hua is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and Hua Xia Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hua Xia Bank 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 Hua Xia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hua Xia Bank has no effect on the direction of Bloomage Biotechnology i.e., Bloomage Biotechnology and Hua Xia go up and down completely randomly.
Pair Corralation between Bloomage Biotechnology and Hua Xia
Assuming the 90 days trading horizon Bloomage Biotechnology Corp is expected to under-perform the Hua Xia. In addition to that, Bloomage Biotechnology is 1.82 times more volatile than Hua Xia Bank. It trades about -0.17 of its total potential returns per unit of risk. Hua Xia Bank is currently generating about 0.26 per unit of volatility. If you would invest 744.00 in Hua Xia Bank on September 29, 2024 and sell it today you would earn a total of 51.00 from holding Hua Xia Bank or generate 6.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bloomage Biotechnology Corp vs. Hua Xia Bank
Performance |
| Timeline |
| Bloomage Biotechnology |
| Hua Xia Bank |
Bloomage Biotechnology and Hua Xia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloomage Biotechnology and Hua Xia
The main advantage of trading using opposite Bloomage Biotechnology and Hua Xia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomage Biotechnology position performs unexpectedly, Hua Xia 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 Hua Xia will offset losses from the drop in Hua Xia's long position.| Bloomage Biotechnology vs. Zijin Mining Group | Bloomage Biotechnology vs. Baoshan Iron Steel | Bloomage Biotechnology vs. Shandong Gold Mining | Bloomage Biotechnology vs. Rongsheng Petrochemical Co |
| Hua Xia vs. Kweichow Moutai Co | Hua Xia vs. Contemporary Amperex Technology | Hua Xia vs. G bits Network Technology | Hua Xia vs. BYD Co Ltd |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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