Correlation Between Beijing Mainstreets and BeiGene
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By analyzing existing cross correlation between Beijing Mainstreets Investment and BeiGene, you can compare the effects of market volatilities on Beijing Mainstreets and BeiGene 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 Beijing Mainstreets with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Mainstreets and BeiGene.
Diversification Opportunities for Beijing Mainstreets and BeiGene
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and BeiGene is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Mainstreets Investment and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Beijing Mainstreets 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 Beijing Mainstreets Investment are associated (or correlated) with BeiGene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BeiGene has no effect on the direction of Beijing Mainstreets i.e., Beijing Mainstreets and BeiGene go up and down completely randomly.
Pair Corralation between Beijing Mainstreets and BeiGene
Assuming the 90 days trading horizon Beijing Mainstreets Investment is expected to under-perform the BeiGene. In addition to that, Beijing Mainstreets is 1.48 times more volatile than BeiGene. It trades about -0.02 of its total potential returns per unit of risk. BeiGene is currently generating about 0.02 per unit of volatility. If you would invest 15,400 in BeiGene on October 15, 2024 and sell it today you would earn a total of 665.00 from holding BeiGene or generate 4.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Mainstreets Investment vs. BeiGene
Performance |
| Timeline |
| Beijing Mainstreets |
| BeiGene |
Beijing Mainstreets and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Mainstreets and BeiGene
The main advantage of trading using opposite Beijing Mainstreets and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Mainstreets position performs unexpectedly, BeiGene 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 BeiGene will offset losses from the drop in BeiGene's long position.| Beijing Mainstreets vs. Shanghai Newtouch Software | Beijing Mainstreets vs. Anhui Xinhua Media | Beijing Mainstreets vs. Omnijoi Media Corp | Beijing Mainstreets vs. China Publishing Media |
| BeiGene vs. Youyou Foods Co | BeiGene vs. Jiahe Foods Industry | BeiGene vs. Xiwang Foodstuffs Co | BeiGene vs. Wuhan Yangtze Communication |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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