Correlation Between Bloomage Biotechnology and Niutech Environment
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By analyzing existing cross correlation between Bloomage Biotechnology Corp and Niutech Environment Technology, you can compare the effects of market volatilities on Bloomage Biotechnology and Niutech Environment 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 Niutech Environment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomage Biotechnology and Niutech Environment.
Diversification Opportunities for Bloomage Biotechnology and Niutech Environment
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Bloomage and Niutech is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and Niutech Environment Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Niutech Environment 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 Niutech Environment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Niutech Environment has no effect on the direction of Bloomage Biotechnology i.e., Bloomage Biotechnology and Niutech Environment go up and down completely randomly.
Pair Corralation between Bloomage Biotechnology and Niutech Environment
Assuming the 90 days trading horizon Bloomage Biotechnology Corp is expected to under-perform the Niutech Environment. But the stock apears to be less risky and, when comparing its historical volatility, Bloomage Biotechnology Corp is 1.09 times less risky than Niutech Environment. The stock trades about -0.15 of its potential returns per unit of risk. The Niutech Environment Technology is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,500 in Niutech Environment Technology on September 12, 2024 and sell it today you would earn a total of 6.00 from holding Niutech Environment Technology or generate 0.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bloomage Biotechnology Corp vs. Niutech Environment Technology
Performance |
| Timeline |
| Bloomage Biotechnology |
| Niutech Environment |
Bloomage Biotechnology and Niutech Environment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloomage Biotechnology and Niutech Environment
The main advantage of trading using opposite Bloomage Biotechnology and Niutech Environment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomage Biotechnology position performs unexpectedly, Niutech Environment 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 Niutech Environment will offset losses from the drop in Niutech Environment'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 |
| Niutech Environment vs. Agricultural Bank of | Niutech Environment vs. Industrial and Commercial | Niutech Environment vs. Bank of China | Niutech Environment vs. PetroChina 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 CEOs Directory module to screen CEOs from public companies around the world.
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