Correlation Between Jiahe Foods and BeiGene
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By analyzing existing cross correlation between Jiahe Foods Industry and BeiGene, you can compare the effects of market volatilities on Jiahe Foods 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 Jiahe Foods with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiahe Foods and BeiGene.
Diversification Opportunities for Jiahe Foods and BeiGene
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiahe and BeiGene is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Jiahe Foods Industry and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Jiahe Foods 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 Jiahe Foods Industry 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 Jiahe Foods i.e., Jiahe Foods and BeiGene go up and down completely randomly.
Pair Corralation between Jiahe Foods and BeiGene
Assuming the 90 days trading horizon Jiahe Foods Industry is expected to under-perform the BeiGene. But the stock apears to be less risky and, when comparing its historical volatility, Jiahe Foods Industry is 1.0 times less risky than BeiGene. The stock trades about -0.01 of its potential returns per unit of risk. The BeiGene is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 15,400 in BeiGene on October 16, 2024 and sell it today you would earn a total of 920.00 from holding BeiGene or generate 5.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiahe Foods Industry vs. BeiGene
Performance |
| Timeline |
| Jiahe Foods Industry |
| BeiGene |
Jiahe Foods and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiahe Foods and BeiGene
The main advantage of trading using opposite Jiahe Foods and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiahe Foods 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.| Jiahe Foods vs. CITIC Guoan Information | Jiahe Foods vs. Arrow Home Group | Jiahe Foods vs. Digital China Information | Jiahe Foods vs. Everdisplay Optronics Shanghai |
| BeiGene vs. Youyou Foods Co | BeiGene vs. Jiahe Foods Industry | BeiGene vs. Xiwang Foodstuffs Co | BeiGene vs. Wuhan Yangtze Communication |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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