Correlation Between G Bits and BeiGene
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By analyzing existing cross correlation between G bits Network Technology and BeiGene, you can compare the effects of market volatilities on G Bits 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 G Bits with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and BeiGene.
Diversification Opportunities for G Bits and BeiGene
Significant diversification
The 3 months correlation between 603444 and BeiGene is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and G Bits 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 G bits Network Technology 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 G Bits i.e., G Bits and BeiGene go up and down completely randomly.
Pair Corralation between G Bits and BeiGene
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the BeiGene. But the stock apears to be less risky and, when comparing its historical volatility, G bits Network Technology is 1.51 times less risky than BeiGene. The stock trades about -0.19 of its potential returns per unit of risk. The BeiGene is currently generating about 0.32 of returns per unit of risk over similar time horizon. 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 Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. BeiGene
Performance |
| Timeline |
| G bits Network |
| BeiGene |
G Bits and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and BeiGene
The main advantage of trading using opposite G Bits and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits 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.| G Bits vs. Guangzhou Haige Communications | G Bits vs. Shenzhen Glory Medical | G Bits vs. Eastern Communications Co | G Bits vs. Hubei Yingtong Telecommunication |
| 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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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