Correlation Between Zoje Resources and BeiGene
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By analyzing existing cross correlation between Zoje Resources Investment and BeiGene, you can compare the effects of market volatilities on Zoje Resources 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 Zoje Resources with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zoje Resources and BeiGene.
Diversification Opportunities for Zoje Resources and BeiGene
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Zoje and BeiGene is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Zoje Resources Investment and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Zoje Resources 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 Zoje Resources 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 Zoje Resources i.e., Zoje Resources and BeiGene go up and down completely randomly.
Pair Corralation between Zoje Resources and BeiGene
Assuming the 90 days trading horizon Zoje Resources Investment is expected to generate 1.3 times more return on investment than BeiGene. However, Zoje Resources is 1.3 times more volatile than BeiGene. It trades about 0.06 of its potential returns per unit of risk. BeiGene is currently generating about 0.02 per unit of risk. If you would invest 119.00 in Zoje Resources Investment on October 15, 2024 and sell it today you would earn a total of 126.00 from holding Zoje Resources Investment or generate 105.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zoje Resources Investment vs. BeiGene
Performance |
| Timeline |
| Zoje Resources Investment |
| BeiGene |
Zoje Resources and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zoje Resources and BeiGene
The main advantage of trading using opposite Zoje Resources and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zoje Resources 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.| Zoje Resources vs. Ningbo MedicalSystem Biotechnology | Zoje Resources vs. Guotai Epoint Software | Zoje Resources vs. Shenzhen Topway Video | Zoje Resources vs. Thunder Software Technology |
| 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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