Correlation Between Shenyang Blue and BeiGene
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By analyzing existing cross correlation between Shenyang Blue Silver and BeiGene, you can compare the effects of market volatilities on Shenyang Blue 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 Shenyang Blue with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Blue and BeiGene.
Diversification Opportunities for Shenyang Blue and BeiGene
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shenyang and BeiGene is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Blue Silver and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Shenyang Blue 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 Shenyang Blue Silver 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 Shenyang Blue i.e., Shenyang Blue and BeiGene go up and down completely randomly.
Pair Corralation between Shenyang Blue and BeiGene
Assuming the 90 days trading horizon Shenyang Blue Silver is expected to under-perform the BeiGene. In addition to that, Shenyang Blue is 1.04 times more volatile than BeiGene. It trades about -0.19 of its total potential returns per unit of risk. BeiGene is currently generating about 0.33 per unit of volatility. If you would invest 16,100 in BeiGene on October 24, 2024 and sell it today you would earn a total of 2,878 from holding BeiGene or generate 17.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Blue Silver vs. BeiGene
Performance |
| Timeline |
| Shenyang Blue Silver |
| BeiGene |
Shenyang Blue and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Blue and BeiGene
The main advantage of trading using opposite Shenyang Blue and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Blue 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.| Shenyang Blue vs. China Eastern Airlines | Shenyang Blue vs. Shenzhen Silver Basis | Shenyang Blue vs. Huizhou Speed Wireless | Shenyang Blue vs. Lootom Telcovideo Network |
| BeiGene vs. Fibocom Wireless | BeiGene vs. Beijing Kingsoft Office | BeiGene vs. Southern PublishingMedia Co | BeiGene vs. Guangzhou Jinyi Media |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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