Correlation Between Hengerda New and BeiGene
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hengerda New Materials and BeiGene, you can compare the effects of market volatilities on Hengerda New 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 Hengerda New with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hengerda New and BeiGene.
Diversification Opportunities for Hengerda New and BeiGene
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Hengerda and BeiGene is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Hengerda New Materials and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Hengerda New 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 Hengerda New Materials 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 Hengerda New i.e., Hengerda New and BeiGene go up and down completely randomly.
Pair Corralation between Hengerda New and BeiGene
Assuming the 90 days trading horizon Hengerda New Materials is expected to under-perform the BeiGene. In addition to that, Hengerda New is 2.26 times more volatile than BeiGene. It trades about -0.32 of its total potential returns per unit of risk. BeiGene is currently generating about -0.3 per unit of volatility. If you would invest 16,891 in BeiGene on October 9, 2024 and sell it today you would lose (1,211) from holding BeiGene or give up 7.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hengerda New Materials vs. BeiGene
Performance |
| Timeline |
| Hengerda New Materials |
| BeiGene |
Hengerda New and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hengerda New and BeiGene
The main advantage of trading using opposite Hengerda New and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hengerda New 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.| Hengerda New vs. Henan Shuanghui Investment | Hengerda New vs. Luyin Investment Group | Hengerda New vs. Shenzhen Centralcon Investment | Hengerda New vs. Xiamen Insight Investment |
| BeiGene vs. Heren Health Co | BeiGene vs. Humanwell Healthcare Group | BeiGene vs. De Rucci Healthy | BeiGene vs. Impulse Qingdao Health |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |