Correlation Between NAURA Technology and BeiGene
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By analyzing existing cross correlation between NAURA Technology Group and BeiGene, you can compare the effects of market volatilities on NAURA Technology 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 NAURA Technology with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and BeiGene.
Diversification Opportunities for NAURA Technology and BeiGene
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between NAURA and BeiGene is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and NAURA Technology 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 NAURA Technology 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 NAURA Technology i.e., NAURA Technology and BeiGene go up and down completely randomly.
Pair Corralation between NAURA Technology and BeiGene
Assuming the 90 days trading horizon NAURA Technology is expected to generate 1.09 times less return on investment than BeiGene. In addition to that, NAURA Technology is 1.36 times more volatile than BeiGene. It trades about 0.19 of its total potential returns per unit of risk. BeiGene is currently generating about 0.28 per unit of volatility. If you would invest 18,218 in BeiGene on November 18, 2024 and sell it today you would earn a total of 1,556 from holding BeiGene or generate 8.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NAURA Technology Group vs. BeiGene
Performance |
| Timeline |
| NAURA Technology |
| BeiGene |
NAURA Technology and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and BeiGene
The main advantage of trading using opposite NAURA Technology and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology 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.| NAURA Technology vs. Songz Automobile Air | NAURA Technology vs. Guangxi Wuzhou Communications | NAURA Technology vs. TianJin 712 Communication | NAURA Technology vs. Anhui Jianghuai Automobile |
| BeiGene vs. Science Environmental Protection | BeiGene vs. Jinsanjiang Silicon Material | BeiGene vs. Qiaoyin Environmental Tech | BeiGene vs. NBTM New Materials |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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