Correlation Between Xinya Electronic and BeiGene
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By analyzing existing cross correlation between Xinya Electronic Co and BeiGene, you can compare the effects of market volatilities on Xinya Electronic 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 Xinya Electronic with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinya Electronic and BeiGene.
Diversification Opportunities for Xinya Electronic and BeiGene
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Xinya and BeiGene is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Xinya Electronic Co and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Xinya Electronic 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 Xinya Electronic 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 Xinya Electronic i.e., Xinya Electronic and BeiGene go up and down completely randomly.
Pair Corralation between Xinya Electronic and BeiGene
Assuming the 90 days trading horizon Xinya Electronic is expected to generate 7.76 times less return on investment than BeiGene. In addition to that, Xinya Electronic is 1.86 times more volatile than BeiGene. It trades about 0.02 of its total potential returns per unit of risk. BeiGene is currently generating about 0.33 per unit of volatility. If you would invest 16,100 in BeiGene on October 24, 2024 and sell it today you would earn a total of 2,878 from holding BeiGene or generate 17.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinya Electronic Co vs. BeiGene
Performance |
| Timeline |
| Xinya Electronic |
| BeiGene |
Xinya Electronic and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinya Electronic and BeiGene
The main advantage of trading using opposite Xinya Electronic and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinya Electronic 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.| Xinya Electronic vs. Dazhong Transportation Group | Xinya Electronic vs. Hunan TV Broadcast | Xinya Electronic vs. Xinjiang Beixin RoadBridge | Xinya Electronic vs. Silkroad Visual Technology |
| BeiGene vs. Fibocom Wireless | BeiGene vs. Beijing Kingsoft Office | BeiGene vs. Southern PublishingMedia Co | BeiGene vs. Guangzhou Jinyi Media |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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