Correlation Between Shenzhen Worldunion and BeiGene
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By analyzing existing cross correlation between Shenzhen Worldunion Properties and BeiGene, you can compare the effects of market volatilities on Shenzhen Worldunion 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 Shenzhen Worldunion with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Worldunion and BeiGene.
Diversification Opportunities for Shenzhen Worldunion and BeiGene
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Shenzhen and BeiGene is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Worldunion Properties and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Shenzhen Worldunion 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 Shenzhen Worldunion Properties 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 Shenzhen Worldunion i.e., Shenzhen Worldunion and BeiGene go up and down completely randomly.
Pair Corralation between Shenzhen Worldunion and BeiGene
If you would invest 16,210 in BeiGene on September 3, 2024 and sell it today you would earn a total of 1,923 from holding BeiGene or generate 11.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Shenzhen Worldunion Properties vs. BeiGene
Performance |
| Timeline |
| Shenzhen Worldunion |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
| BeiGene |
Shenzhen Worldunion and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Worldunion and BeiGene
The main advantage of trading using opposite Shenzhen Worldunion and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Worldunion 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.| Shenzhen Worldunion vs. Soyea Technology Co | Shenzhen Worldunion vs. Anhui Deli Household | Shenzhen Worldunion vs. Hubei Forbon Technology | Shenzhen Worldunion vs. Jahen Household Products |
| BeiGene vs. Shandong Huifa Foodstuff | BeiGene vs. Fujian Anjoy Foods | BeiGene vs. Shantou Wanshun Package | BeiGene vs. Guocheng Mining Co |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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