Correlation Between Bloomage Biotechnology Co and Poly Real

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Can any of the company-specific risk be diversified away by investing in both Bloomage Biotechnology Co and Poly Real at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Bloomage Biotechnology Co and Poly Real into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bloomage Biotechnology Corp and Poly Real Estate, you can compare the effects of market volatilities on Bloomage Biotechnology Co and Poly Real 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 Co with a short position of Poly Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomage Biotechnology Co and Poly Real.

Diversification Opportunities for Bloomage Biotechnology Co and Poly Real

0.94
  Correlation Coefficient

Almost no diversification

The 3 months correlation between Bloomage and Poly is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and Poly Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Poly Real Estate and Bloomage Biotechnology Co 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 Poly Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Poly Real Estate has no effect on the direction of Bloomage Biotechnology Co i.e., Bloomage Biotechnology Co and Poly Real go up and down completely randomly.

Pair Corralation between Bloomage Biotechnology Co and Poly Real

Assuming the 90 days trading horizon Bloomage Biotechnology Corp is expected to under-perform the Poly Real. In addition to that, Bloomage Biotechnology Co is 1.09 times more volatile than Poly Real Estate. It trades about -0.15 of its total potential returns per unit of risk. Poly Real Estate is currently generating about -0.14 per unit of volatility. If you would invest  868.00  in Poly Real Estate on November 3, 2024 and sell it today you would lose (36.00) from holding Poly Real Estate or give up 4.15% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Bloomage Biotechnology Corp  vs.  Poly Real Estate

 Performance 
       Timeline  
Bloomage Biotechnology Co 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days Bloomage Biotechnology Corp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in March 2025. The current disturbance may also be a sign of long term up-swing for the company investors.
Poly Real Estate 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Poly Real Estate has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in March 2025. The current disturbance may also be a sign of long term up-swing for the company investors.

Bloomage Biotechnology Co and Poly Real Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Bloomage Biotechnology Co and Poly Real

The main advantage of trading using opposite Bloomage Biotechnology Co and Poly Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomage Biotechnology Co position performs unexpectedly, Poly Real 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 Poly Real will offset losses from the drop in Poly Real's long position.
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The idea behind Bloomage Biotechnology Corp and Poly Real Estate 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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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 Transaction History module to view history of all your transactions and understand their impact on performance.

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