Correlation Between Meinian Onehealth and BeiGene
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and BeiGene, you can compare the effects of market volatilities on Meinian Onehealth 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 Meinian Onehealth with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and BeiGene.
Diversification Opportunities for Meinian Onehealth and BeiGene
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Meinian and BeiGene is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Meinian Onehealth 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 Meinian Onehealth Healthcare 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 Meinian Onehealth i.e., Meinian Onehealth and BeiGene go up and down completely randomly.
Pair Corralation between Meinian Onehealth and BeiGene
Assuming the 90 days trading horizon Meinian Onehealth is expected to generate 1.51 times less return on investment than BeiGene. But when comparing it to its historical volatility, Meinian Onehealth Healthcare is 1.09 times less risky than BeiGene. It trades about 0.08 of its potential returns per unit of risk. BeiGene is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 12,412 in BeiGene on September 5, 2024 and sell it today you would earn a total of 5,404 from holding BeiGene or generate 43.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. BeiGene
Performance |
| Timeline |
| Meinian Onehealth |
| BeiGene |
Meinian Onehealth and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and BeiGene
The main advantage of trading using opposite Meinian Onehealth and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth 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.| Meinian Onehealth vs. BeiGene | Meinian Onehealth vs. Kweichow Moutai Co | Meinian Onehealth vs. Beijing Roborock Technology | Meinian Onehealth vs. G bits Network Technology |
| BeiGene vs. Lander Sports Development | BeiGene vs. Everjoy Health Group | BeiGene vs. Shaanxi Meineng Clean | BeiGene vs. Shanghai Yaoji Playing |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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