Correlation Between Wuhan Xianglong and BeiGene
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By analyzing existing cross correlation between Wuhan Xianglong Power and BeiGene, you can compare the effects of market volatilities on Wuhan Xianglong 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 Wuhan Xianglong with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wuhan Xianglong and BeiGene.
Diversification Opportunities for Wuhan Xianglong and BeiGene
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Wuhan and BeiGene is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Wuhan Xianglong Power and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Wuhan Xianglong 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 Wuhan Xianglong Power 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 Wuhan Xianglong i.e., Wuhan Xianglong and BeiGene go up and down completely randomly.
Pair Corralation between Wuhan Xianglong and BeiGene
Assuming the 90 days trading horizon Wuhan Xianglong Power is expected to under-perform the BeiGene. In addition to that, Wuhan Xianglong is 2.67 times more volatile than BeiGene. It trades about -0.46 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 | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wuhan Xianglong Power vs. BeiGene
Performance |
| Timeline |
| Wuhan Xianglong Power |
| BeiGene |
Wuhan Xianglong and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wuhan Xianglong and BeiGene
The main advantage of trading using opposite Wuhan Xianglong and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wuhan Xianglong 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.| Wuhan Xianglong vs. Agricultural Bank of | Wuhan Xianglong vs. Industrial and Commercial | Wuhan Xianglong vs. Bank of China | Wuhan Xianglong vs. PetroChina Co Ltd |
| 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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