Correlation Between Shanghai Allist and BridgeBio Pharma
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By analyzing existing cross correlation between Shanghai Allist Pharmaceuticals and BridgeBio Pharma, you can compare the effects of market volatilities on Shanghai Allist and BridgeBio Pharma 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 Shanghai Allist with a short position of BridgeBio Pharma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Allist and BridgeBio Pharma.
Diversification Opportunities for Shanghai Allist and BridgeBio Pharma
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Shanghai and BridgeBio is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Allist Pharmaceutical and BridgeBio Pharma in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BridgeBio Pharma and Shanghai Allist 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 Shanghai Allist Pharmaceuticals are associated (or correlated) with BridgeBio Pharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BridgeBio Pharma has no effect on the direction of Shanghai Allist i.e., Shanghai Allist and BridgeBio Pharma go up and down completely randomly.
Pair Corralation between Shanghai Allist and BridgeBio Pharma
Assuming the 90 days trading horizon Shanghai Allist Pharmaceuticals is expected to under-perform the BridgeBio Pharma. But the stock apears to be less risky and, when comparing its historical volatility, Shanghai Allist Pharmaceuticals is 1.54 times less risky than BridgeBio Pharma. The stock trades about -0.11 of its potential returns per unit of risk. The BridgeBio Pharma is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 5,296 in BridgeBio Pharma on September 10, 2025 and sell it today you would earn a total of 1,871 from holding BridgeBio Pharma or generate 35.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 92.19% |
| Values | Daily Returns |
Shanghai Allist Pharmaceutical vs. BridgeBio Pharma
Performance |
| Timeline |
| Shanghai Allist Phar |
| BridgeBio Pharma |
Shanghai Allist and BridgeBio Pharma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Allist and BridgeBio Pharma
The main advantage of trading using opposite Shanghai Allist and BridgeBio Pharma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Allist position performs unexpectedly, BridgeBio Pharma 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 BridgeBio Pharma will offset losses from the drop in BridgeBio Pharma's long position.| Shanghai Allist vs. Muyuan Foodstuff Co | Shanghai Allist vs. Sharetronic Data Technology | Shanghai Allist vs. Kingclean Electric Co | Shanghai Allist vs. Gan Yuan Foods |
| BridgeBio Pharma vs. Revolution Medicines | BridgeBio Pharma vs. Ionis Pharmaceuticals | BridgeBio Pharma vs. Ascendis Pharma AS | BridgeBio Pharma vs. Summit Therapeutics PLC |
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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