Correlation Between Qingdao NovelBeam and Blue Sail
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By analyzing existing cross correlation between Qingdao NovelBeam Technology and Blue Sail Medical, you can compare the effects of market volatilities on Qingdao NovelBeam and Blue Sail 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 Qingdao NovelBeam with a short position of Blue Sail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qingdao NovelBeam and Blue Sail.
Diversification Opportunities for Qingdao NovelBeam and Blue Sail
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Qingdao and Blue is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao NovelBeam Technology and Blue Sail Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Sail Medical and Qingdao NovelBeam 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 Qingdao NovelBeam Technology are associated (or correlated) with Blue Sail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Sail Medical has no effect on the direction of Qingdao NovelBeam i.e., Qingdao NovelBeam and Blue Sail go up and down completely randomly.
Pair Corralation between Qingdao NovelBeam and Blue Sail
Assuming the 90 days trading horizon Qingdao NovelBeam Technology is expected to under-perform the Blue Sail. In addition to that, Qingdao NovelBeam is 1.37 times more volatile than Blue Sail Medical. It trades about -0.07 of its total potential returns per unit of risk. Blue Sail Medical is currently generating about 0.06 per unit of volatility. If you would invest 546.00 in Blue Sail Medical on September 1, 2024 and sell it today you would earn a total of 12.00 from holding Blue Sail Medical or generate 2.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Qingdao NovelBeam Technology vs. Blue Sail Medical
Performance |
| Timeline |
| Qingdao NovelBeam |
| Blue Sail Medical |
Qingdao NovelBeam and Blue Sail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qingdao NovelBeam and Blue Sail
The main advantage of trading using opposite Qingdao NovelBeam and Blue Sail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qingdao NovelBeam position performs unexpectedly, Blue Sail 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 Blue Sail will offset losses from the drop in Blue Sail's long position.| Qingdao NovelBeam vs. Penyao Environmental Protection | Qingdao NovelBeam vs. Impulse Qingdao Health | Qingdao NovelBeam vs. Heren Health Co | Qingdao NovelBeam vs. Meinian Onehealth Healthcare |
| Blue Sail vs. Nanjing Putian Telecommunications | Blue Sail vs. Shenzhen Hifuture Electric | Blue Sail vs. Tianjin Realty Development | Blue Sail vs. Shenyang Huitian Thermal |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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