Correlation Between Hangzhou Arcvideo and BeiGene
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By analyzing existing cross correlation between Hangzhou Arcvideo Technology and BeiGene, you can compare the effects of market volatilities on Hangzhou Arcvideo 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 Hangzhou Arcvideo with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Arcvideo and BeiGene.
Diversification Opportunities for Hangzhou Arcvideo and BeiGene
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hangzhou and BeiGene is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Arcvideo Technology and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Hangzhou Arcvideo 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 Hangzhou Arcvideo 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 Hangzhou Arcvideo i.e., Hangzhou Arcvideo and BeiGene go up and down completely randomly.
Pair Corralation between Hangzhou Arcvideo and BeiGene
Assuming the 90 days trading horizon Hangzhou Arcvideo Technology is expected to under-perform the BeiGene. In addition to that, Hangzhou Arcvideo is 1.21 times more volatile than BeiGene. It trades about -0.18 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 |
Hangzhou Arcvideo Technology vs. BeiGene
Performance |
| Timeline |
| Hangzhou Arcvideo |
| BeiGene |
Hangzhou Arcvideo and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Arcvideo and BeiGene
The main advantage of trading using opposite Hangzhou Arcvideo and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Arcvideo 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.| Hangzhou Arcvideo vs. Guangdong Transtek Medical | Hangzhou Arcvideo vs. Innovative Medical Management | Hangzhou Arcvideo vs. Shanghai Sanyou Medical | Hangzhou Arcvideo vs. Tinavi Medical Technologies |
| 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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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