Correlation Between Chongqing Landai and BeiGene
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By analyzing existing cross correlation between Chongqing Landai Powertrain and BeiGene, you can compare the effects of market volatilities on Chongqing Landai 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 Chongqing Landai with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chongqing Landai and BeiGene.
Diversification Opportunities for Chongqing Landai and BeiGene
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Chongqing and BeiGene is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Chongqing Landai Powertrain and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Chongqing Landai 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 Chongqing Landai Powertrain 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 Chongqing Landai i.e., Chongqing Landai and BeiGene go up and down completely randomly.
Pair Corralation between Chongqing Landai and BeiGene
Assuming the 90 days trading horizon Chongqing Landai Powertrain is expected to generate 1.79 times more return on investment than BeiGene. However, Chongqing Landai is 1.79 times more volatile than BeiGene. It trades about 0.16 of its potential returns per unit of risk. BeiGene is currently generating about -0.05 per unit of risk. If you would invest 877.00 in Chongqing Landai Powertrain on September 15, 2024 and sell it today you would earn a total of 144.00 from holding Chongqing Landai Powertrain or generate 16.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chongqing Landai Powertrain vs. BeiGene
Performance |
| Timeline |
| Chongqing Landai Pow |
| BeiGene |
Chongqing Landai and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chongqing Landai and BeiGene
The main advantage of trading using opposite Chongqing Landai and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chongqing Landai 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.| Chongqing Landai vs. BeiGene | Chongqing Landai vs. Kweichow Moutai Co | Chongqing Landai vs. Beijing Roborock Technology | Chongqing Landai vs. G bits Network Technology |
| BeiGene vs. FSPG Hi Tech Co | BeiGene vs. Xinjiang Communications Construction | BeiGene vs. Fujian Longzhou Transportation | 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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