Correlation Between Super Dragon and BeiGene
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By analyzing existing cross correlation between Super Dragon Engineering Plastics and BeiGene, you can compare the effects of market volatilities on Super Dragon 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 Super Dragon with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Super Dragon and BeiGene.
Diversification Opportunities for Super Dragon and BeiGene
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Super and BeiGene is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Super Dragon Engineering Plast and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Super Dragon 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 Super Dragon Engineering Plastics 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 Super Dragon i.e., Super Dragon and BeiGene go up and down completely randomly.
Pair Corralation between Super Dragon and BeiGene
Assuming the 90 days trading horizon Super Dragon Engineering Plastics is expected to under-perform the BeiGene. In addition to that, Super Dragon is 1.1 times more volatile than BeiGene. It trades about -0.02 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 | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Super Dragon Engineering Plast vs. BeiGene
Performance |
| Timeline |
| Super Dragon Enginee |
| BeiGene |
Super Dragon and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Super Dragon and BeiGene
The main advantage of trading using opposite Super Dragon and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Super Dragon 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.| Super Dragon vs. Impulse Qingdao Health | Super Dragon vs. Gem Year Industrial Co | Super Dragon vs. Shandong Hongchuang Aluminum | Super Dragon vs. Ye Chiu Metal |
| 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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