Correlation Between Guangzhou Haige and BeiGene
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guangzhou Haige Communications and BeiGene, you can compare the effects of market volatilities on Guangzhou Haige 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 Guangzhou Haige with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Haige and BeiGene.
Diversification Opportunities for Guangzhou Haige and BeiGene
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Guangzhou and BeiGene is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Haige Communications and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Guangzhou Haige 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 Guangzhou Haige Communications 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 Guangzhou Haige i.e., Guangzhou Haige and BeiGene go up and down completely randomly.
Pair Corralation between Guangzhou Haige and BeiGene
Assuming the 90 days trading horizon Guangzhou Haige Communications is expected to generate 0.98 times more return on investment than BeiGene. However, Guangzhou Haige Communications is 1.02 times less risky than BeiGene. It trades about -0.08 of its potential returns per unit of risk. BeiGene is currently generating about -0.16 per unit of risk. If you would invest 1,358 in Guangzhou Haige Communications on September 12, 2024 and sell it today you would lose (85.00) from holding Guangzhou Haige Communications or give up 6.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Haige Communications vs. BeiGene
Performance |
| Timeline |
| Guangzhou Haige Comm |
| BeiGene |
Guangzhou Haige and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Haige and BeiGene
The main advantage of trading using opposite Guangzhou Haige and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Haige 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.| Guangzhou Haige vs. Gansu Jiu Steel | Guangzhou Haige vs. Shandong Mining Machinery | Guangzhou Haige vs. Aba Chemicals Corp | Guangzhou Haige vs. BlueFocus Communication Group |
| BeiGene vs. Touchstone International Medical | BeiGene vs. Guizhou BroadcastingTV Info | BeiGene vs. Zhengping RoadBridge Constr | BeiGene vs. Hubeiyichang Transportation Group |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |