Correlation Between Bloomage Biotechnology Co and Yangmei Chemical
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By analyzing existing cross correlation between Bloomage Biotechnology Corp and Yangmei Chemical Co, you can compare the effects of market volatilities on Bloomage Biotechnology Co and Yangmei Chemical 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 Yangmei Chemical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomage Biotechnology Co and Yangmei Chemical.
Diversification Opportunities for Bloomage Biotechnology Co and Yangmei Chemical
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bloomage and Yangmei is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and Yangmei Chemical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yangmei Chemical 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 Yangmei Chemical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yangmei Chemical has no effect on the direction of Bloomage Biotechnology Co i.e., Bloomage Biotechnology Co and Yangmei Chemical go up and down completely randomly.
Pair Corralation between Bloomage Biotechnology Co and Yangmei Chemical
Assuming the 90 days trading horizon Bloomage Biotechnology Corp is expected to under-perform the Yangmei Chemical. In addition to that, Bloomage Biotechnology Co is 1.1 times more volatile than Yangmei Chemical Co. It trades about -0.04 of its total potential returns per unit of risk. Yangmei Chemical Co is currently generating about 0.09 per unit of volatility. If you would invest 154.00 in Yangmei Chemical Co on November 3, 2024 and sell it today you would earn a total of 55.00 from holding Yangmei Chemical Co or generate 35.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bloomage Biotechnology Corp vs. Yangmei Chemical Co
Performance |
| Timeline |
| Bloomage Biotechnology Co |
| Yangmei Chemical |
Bloomage Biotechnology Co and Yangmei Chemical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloomage Biotechnology Co and Yangmei Chemical
The main advantage of trading using opposite Bloomage Biotechnology Co and Yangmei Chemical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomage Biotechnology Co position performs unexpectedly, Yangmei Chemical 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 Yangmei Chemical will offset losses from the drop in Yangmei Chemical's long position.| Bloomage Biotechnology Co vs. Zijin Mining Group | Bloomage Biotechnology Co vs. Wanhua Chemical Group | Bloomage Biotechnology Co vs. Baoshan Iron Steel | Bloomage Biotechnology Co vs. Shandong Gold Mining |
| Yangmei Chemical vs. Beijing Jiaman Dress | Yangmei Chemical vs. GRINM Semiconductor Materials | Yangmei Chemical vs. Zbit Semiconductor A | Yangmei Chemical vs. Union Semiconductor Co |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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