Correlation Between Blue Jet and Bio Rad

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Can any of the company-specific risk be diversified away by investing in both Blue Jet and Bio Rad 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 Blue Jet and Bio Rad into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Blue Jet Healthcare and Bio Rad Laboratories, you can compare the effects of market volatilities on Blue Jet and Bio Rad 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 Blue Jet with a short position of Bio Rad. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Jet and Bio Rad.

Diversification Opportunities for Blue Jet and Bio Rad

-0.51
  Correlation Coefficient

Excellent diversification

The 3 months correlation between Blue and Bio is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Blue Jet Healthcare and Bio Rad Laboratories in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bio Rad Laboratories and Blue Jet 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 Blue Jet Healthcare are associated (or correlated) with Bio Rad. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bio Rad Laboratories has no effect on the direction of Blue Jet i.e., Blue Jet and Bio Rad go up and down completely randomly.

Pair Corralation between Blue Jet and Bio Rad

Assuming the 90 days trading horizon Blue Jet Healthcare is expected to under-perform the Bio Rad. In addition to that, Blue Jet is 1.26 times more volatile than Bio Rad Laboratories. It trades about -0.16 of its total potential returns per unit of risk. Bio Rad Laboratories is currently generating about 0.07 per unit of volatility. If you would invest  28,721  in Bio Rad Laboratories on August 14, 2025 and sell it today you would earn a total of  2,612  from holding Bio Rad Laboratories or generate 9.09% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy98.41%
ValuesDaily Returns

Blue Jet Healthcare  vs.  Bio Rad Laboratories

 Performance 
       Timeline  
Blue Jet Healthcare 

Risk-Adjusted Performance

Weakest

 
Weak
 
Strong
Over the last 90 days Blue Jet Healthcare has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Stock's forward-looking indicators remain comparatively stable which may send shares a bit higher in December 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.
Bio Rad Laboratories 

Risk-Adjusted Performance

Mild

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Bio Rad Laboratories are ranked lower than 5 (%) of all global equities and portfolios over the last 90 days. In spite of very unsteady forward indicators, Bio Rad may actually be approaching a critical reversion point that can send shares even higher in December 2025.

Blue Jet and Bio Rad Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Blue Jet and Bio Rad

The main advantage of trading using opposite Blue Jet and Bio Rad positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Jet position performs unexpectedly, Bio Rad 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 Bio Rad will offset losses from the drop in Bio Rad's long position.
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The idea behind Blue Jet Healthcare and Bio Rad Laboratories 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.

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