Correlation Between Jiangnan Mould and BeiGene
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By analyzing existing cross correlation between Jiangnan Mould Plastic and BeiGene, you can compare the effects of market volatilities on Jiangnan Mould 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 Jiangnan Mould with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangnan Mould and BeiGene.
Diversification Opportunities for Jiangnan Mould and BeiGene
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangnan and BeiGene is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Jiangnan Mould Plastic and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Jiangnan Mould 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 Jiangnan Mould Plastic 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 Jiangnan Mould i.e., Jiangnan Mould and BeiGene go up and down completely randomly.
Pair Corralation between Jiangnan Mould and BeiGene
Assuming the 90 days trading horizon Jiangnan Mould is expected to generate 11.18 times less return on investment than BeiGene. But when comparing it to its historical volatility, Jiangnan Mould Plastic is 1.26 times less risky than BeiGene. It trades about 0.04 of its potential returns per unit of risk. BeiGene is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest 16,100 in BeiGene on October 23, 2024 and sell it today you would earn a total of 2,680 from holding BeiGene or generate 16.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Jiangnan Mould Plastic vs. BeiGene
Performance |
| Timeline |
| Jiangnan Mould Plastic |
| BeiGene |
Jiangnan Mould and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangnan Mould and BeiGene
The main advantage of trading using opposite Jiangnan Mould and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangnan Mould 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.| Jiangnan Mould vs. Guangzhou Ruoyuchen Information | Jiangnan Mould vs. Xinjiang Sailing Information | Jiangnan Mould vs. Shanghai Ziyan Foods | Jiangnan Mould vs. Dawning Information Industry |
| BeiGene vs. Thinkingdom Media Group | BeiGene vs. Jiangnan Mould Plastic | BeiGene vs. Shanghai Xinhua Media | BeiGene vs. Omnijoi Media Corp |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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