Correlation Between Gansu Yasheng and BeiGene
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By analyzing existing cross correlation between Gansu Yasheng Industrial and BeiGene, you can compare the effects of market volatilities on Gansu Yasheng 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 Gansu Yasheng with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gansu Yasheng and BeiGene.
Diversification Opportunities for Gansu Yasheng and BeiGene
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Gansu and BeiGene is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Yasheng Industrial and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Gansu Yasheng 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 Gansu Yasheng Industrial 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 Gansu Yasheng i.e., Gansu Yasheng and BeiGene go up and down completely randomly.
Pair Corralation between Gansu Yasheng and BeiGene
Assuming the 90 days trading horizon Gansu Yasheng is expected to generate 8.79 times less return on investment than BeiGene. But when comparing it to its historical volatility, Gansu Yasheng Industrial is 1.62 times less risky than BeiGene. It trades about 0.01 of its potential returns per unit of risk. BeiGene is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 13,482 in BeiGene on September 2, 2024 and sell it today you would earn a total of 4,656 from holding BeiGene or generate 34.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gansu Yasheng Industrial vs. BeiGene
Performance |
| Timeline |
| Gansu Yasheng Industrial |
| BeiGene |
Gansu Yasheng and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gansu Yasheng and BeiGene
The main advantage of trading using opposite Gansu Yasheng and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gansu Yasheng 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.| Gansu Yasheng vs. Hunan TV Broadcast | Gansu Yasheng vs. Zhejiang Yongjin Metal | Gansu Yasheng vs. RoadMain T Co | Gansu Yasheng vs. Hubeiyichang Transportation Group |
| BeiGene vs. Hainan Airlines Co | BeiGene vs. Southchip Semiconductor Technology | BeiGene vs. Tieling Newcity Investment | BeiGene vs. GigaDevice SemiconductorBeiji |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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