Correlation Between Kingclean Electric and BeiGene
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By analyzing existing cross correlation between Kingclean Electric Co and BeiGene, you can compare the effects of market volatilities on Kingclean Electric 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 Kingclean Electric with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingclean Electric and BeiGene.
Diversification Opportunities for Kingclean Electric and BeiGene
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kingclean and BeiGene is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Kingclean Electric Co and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Kingclean Electric 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 Kingclean Electric Co 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 Kingclean Electric i.e., Kingclean Electric and BeiGene go up and down completely randomly.
Pair Corralation between Kingclean Electric and BeiGene
Assuming the 90 days trading horizon Kingclean Electric Co is expected to generate 0.54 times more return on investment than BeiGene. However, Kingclean Electric Co is 1.86 times less risky than BeiGene. It trades about -0.09 of its potential returns per unit of risk. BeiGene is currently generating about -0.16 per unit of risk. If you would invest 2,448 in Kingclean Electric Co on September 12, 2024 and sell it today you would lose (88.00) from holding Kingclean Electric Co or give up 3.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingclean Electric Co vs. BeiGene
Performance |
| Timeline |
| Kingclean Electric |
| BeiGene |
Kingclean Electric and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingclean Electric and BeiGene
The main advantage of trading using opposite Kingclean Electric and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingclean Electric 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.| Kingclean Electric vs. HaiXin Foods Co | Kingclean Electric vs. Cicc Fund Management | Kingclean Electric vs. Shanghai Ziyan Foods | Kingclean Electric vs. Ligao Foods CoLtd |
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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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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