Correlation Between Contemporary Amperex and BeiGene
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By analyzing existing cross correlation between Contemporary Amperex Technology and BeiGene, you can compare the effects of market volatilities on Contemporary Amperex 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 Contemporary Amperex with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and BeiGene.
Diversification Opportunities for Contemporary Amperex and BeiGene
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Contemporary and BeiGene is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Contemporary Amperex 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 Contemporary Amperex Technology 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 Contemporary Amperex i.e., Contemporary Amperex and BeiGene go up and down completely randomly.
Pair Corralation between Contemporary Amperex and BeiGene
Assuming the 90 days trading horizon Contemporary Amperex is expected to generate 1.08 times less return on investment than BeiGene. In addition to that, Contemporary Amperex is 1.19 times more volatile than BeiGene. It trades about 0.22 of its total potential returns per unit of risk. BeiGene is currently generating about 0.28 per unit of volatility. If you would invest 18,218 in BeiGene on November 18, 2024 and sell it today you would earn a total of 1,556 from holding BeiGene or generate 8.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Contemporary Amperex Technolog vs. BeiGene
Performance |
| Timeline |
| Contemporary Amperex |
| BeiGene |
Contemporary Amperex and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and BeiGene
The main advantage of trading using opposite Contemporary Amperex and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex 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.| Contemporary Amperex vs. Shengda Mining Co | Contemporary Amperex vs. Nanxing Furniture Machinery | Contemporary Amperex vs. Senci Electric Machinery | Contemporary Amperex vs. Allied Machinery Co |
| BeiGene vs. Science Environmental Protection | BeiGene vs. Jinsanjiang Silicon Material | BeiGene vs. Qiaoyin Environmental Tech | BeiGene vs. NBTM New Materials |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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