Correlation Between Everjoy Health and BeiGene
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By analyzing existing cross correlation between Everjoy Health Group and BeiGene, you can compare the effects of market volatilities on Everjoy Health 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 Everjoy Health with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and BeiGene.
Diversification Opportunities for Everjoy Health and BeiGene
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Everjoy and BeiGene is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Everjoy Health 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 Everjoy Health Group 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 Everjoy Health i.e., Everjoy Health and BeiGene go up and down completely randomly.
Pair Corralation between Everjoy Health and BeiGene
Assuming the 90 days trading horizon Everjoy Health is expected to generate 77.0 times less return on investment than BeiGene. In addition to that, Everjoy Health is 1.03 times more volatile than BeiGene. It trades about 0.0 of its total potential returns per unit of risk. BeiGene is currently generating about 0.04 per unit of volatility. If you would invest 12,821 in BeiGene on September 5, 2024 and sell it today you would earn a total of 4,995 from holding BeiGene or generate 38.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
Everjoy Health Group vs. BeiGene
Performance |
| Timeline |
| Everjoy Health Group |
| BeiGene |
Everjoy Health and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and BeiGene
The main advantage of trading using opposite Everjoy Health and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health 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.| Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Bank of China | Everjoy Health vs. China Construction Bank |
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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