Correlation Between Thinkingdom Media and BeiGene
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By analyzing existing cross correlation between Thinkingdom Media Group and BeiGene, you can compare the effects of market volatilities on Thinkingdom Media 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 Thinkingdom Media with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thinkingdom Media and BeiGene.
Diversification Opportunities for Thinkingdom Media and BeiGene
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Thinkingdom and BeiGene is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Thinkingdom Media Group and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Thinkingdom Media 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 Thinkingdom Media Group 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 Thinkingdom Media i.e., Thinkingdom Media and BeiGene go up and down completely randomly.
Pair Corralation between Thinkingdom Media and BeiGene
Assuming the 90 days trading horizon Thinkingdom Media is expected to generate 2.78 times less return on investment than BeiGene. In addition to that, Thinkingdom Media is 1.3 times more volatile than BeiGene. It trades about 0.09 of its total potential returns per unit of risk. BeiGene is currently generating about 0.32 per unit of volatility. If you would invest 16,100 in BeiGene on October 23, 2024 and sell it today you would earn a total of 2,680 from holding BeiGene or generate 16.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thinkingdom Media Group vs. BeiGene
Performance |
| Timeline |
| Thinkingdom Media |
| BeiGene |
Thinkingdom Media and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thinkingdom Media and BeiGene
The main advantage of trading using opposite Thinkingdom Media and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thinkingdom Media 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.| Thinkingdom Media vs. Cambricon Technologies Corp | Thinkingdom Media vs. SGSG Sciencetechnology Co | Thinkingdom Media vs. Loongson Technology Corp | Thinkingdom Media vs. Zhonghang Electronic Measuring |
| BeiGene vs. Thinkingdom Media Group | BeiGene vs. Jiangnan Mould Plastic | BeiGene vs. Shanghai Xinhua Media | BeiGene vs. Omnijoi Media Corp |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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