Correlation Between Hainan Shuangcheng and BeiGene
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By analyzing existing cross correlation between Hainan Shuangcheng Pharmaceut and BeiGene, you can compare the effects of market volatilities on Hainan Shuangcheng 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 Hainan Shuangcheng with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Shuangcheng and BeiGene.
Diversification Opportunities for Hainan Shuangcheng and BeiGene
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hainan and BeiGene is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Shuangcheng Pharmaceut and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Hainan Shuangcheng 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 Hainan Shuangcheng Pharmaceut 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 Hainan Shuangcheng i.e., Hainan Shuangcheng and BeiGene go up and down completely randomly.
Pair Corralation between Hainan Shuangcheng and BeiGene
Assuming the 90 days trading horizon Hainan Shuangcheng Pharmaceut is expected to under-perform the BeiGene. In addition to that, Hainan Shuangcheng is 2.23 times more volatile than BeiGene. It trades about -0.03 of its total potential returns per unit of risk. BeiGene is currently generating about 0.11 per unit of volatility. If you would invest 15,621 in BeiGene on September 18, 2024 and sell it today you would earn a total of 858.00 from holding BeiGene or generate 5.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Hainan Shuangcheng Pharmaceut vs. BeiGene
Performance |
| Timeline |
| Hainan Shuangcheng |
| BeiGene |
Hainan Shuangcheng and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Shuangcheng and BeiGene
The main advantage of trading using opposite Hainan Shuangcheng and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Shuangcheng 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.| Hainan Shuangcheng vs. BeiGene | Hainan Shuangcheng vs. Kweichow Moutai Co | Hainan Shuangcheng vs. Beijing Roborock Technology | Hainan Shuangcheng vs. G bits Network Technology |
| BeiGene vs. Shanghai Shuixing Home | BeiGene vs. Mengtian Home Group | BeiGene vs. UE Furniture Co | BeiGene vs. Wasu Media Holding |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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