Correlation Between Shijiazhuang Yiling and BeiGene
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By analyzing existing cross correlation between Shijiazhuang Yiling Pharmaceutical and BeiGene, you can compare the effects of market volatilities on Shijiazhuang Yiling 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 Shijiazhuang Yiling with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shijiazhuang Yiling and BeiGene.
Diversification Opportunities for Shijiazhuang Yiling and BeiGene
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shijiazhuang and BeiGene is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Shijiazhuang Yiling Pharmaceut and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Shijiazhuang Yiling 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 Shijiazhuang Yiling Pharmaceutical 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 Shijiazhuang Yiling i.e., Shijiazhuang Yiling and BeiGene go up and down completely randomly.
Pair Corralation between Shijiazhuang Yiling and BeiGene
Assuming the 90 days trading horizon Shijiazhuang Yiling Pharmaceutical is expected to under-perform the BeiGene. In addition to that, Shijiazhuang Yiling is 1.13 times more volatile than BeiGene. It trades about -0.05 of its total potential returns per unit of risk. BeiGene is currently generating about 0.25 per unit of volatility. If you would invest 16,157 in BeiGene on October 20, 2024 and sell it today you would earn a total of 2,061 from holding BeiGene or generate 12.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Shijiazhuang Yiling Pharmaceut vs. BeiGene
Performance |
| Timeline |
| Shijiazhuang Yiling |
| BeiGene |
Shijiazhuang Yiling and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shijiazhuang Yiling and BeiGene
The main advantage of trading using opposite Shijiazhuang Yiling and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shijiazhuang Yiling 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.| Shijiazhuang Yiling vs. Industrial and Commercial | Shijiazhuang Yiling vs. China Construction Bank | Shijiazhuang Yiling vs. Agricultural Bank of | Shijiazhuang Yiling vs. Bank of China |
| BeiGene vs. Guangzhou Seagull Kitchen | BeiGene vs. Lutian Machinery Co | BeiGene vs. Jinlong Machinery Electronic | BeiGene vs. Shenzhen Noposion Agrochemicals |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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