Correlation Between Zoy Home and BeiGene
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By analyzing existing cross correlation between Zoy Home Furnishing and BeiGene, you can compare the effects of market volatilities on Zoy Home 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 Zoy Home with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zoy Home and BeiGene.
Diversification Opportunities for Zoy Home and BeiGene
Average diversification
The 3 months correlation between Zoy and BeiGene is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Zoy Home Furnishing and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Zoy Home 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 Zoy Home Furnishing 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 Zoy Home i.e., Zoy Home and BeiGene go up and down completely randomly.
Pair Corralation between Zoy Home and BeiGene
Assuming the 90 days trading horizon Zoy Home is expected to generate 4.46 times less return on investment than BeiGene. In addition to that, Zoy Home is 1.3 times more volatile than BeiGene. It trades about 0.07 of its total potential returns per unit of risk. BeiGene is currently generating about 0.4 per unit of volatility. If you would invest 15,935 in BeiGene on November 3, 2024 and sell it today you would earn a total of 3,134 from holding BeiGene or generate 19.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zoy Home Furnishing vs. BeiGene
Performance |
| Timeline |
| Zoy Home Furnishing |
| BeiGene |
Zoy Home and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zoy Home and BeiGene
The main advantage of trading using opposite Zoy Home and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zoy Home 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.| Zoy Home vs. Suzhou Weizhixiang Food | Zoy Home vs. Jiajia Food Group | Zoy Home vs. Guangzhou KingTeller Technology | Zoy Home vs. Youyou Foods Co |
| BeiGene vs. Tsingtao Brewery Co | BeiGene vs. Beijing Yanjing Brewery | BeiGene vs. Dynagreen Environmental Protection | BeiGene vs. Chongqing Brewery Co |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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