Correlation Between BeiGene and Shaanxi Meineng
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By analyzing existing cross correlation between BeiGene and Shaanxi Meineng Clean, you can compare the effects of market volatilities on BeiGene and Shaanxi Meineng 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 BeiGene with a short position of Shaanxi Meineng. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Shaanxi Meineng.
Diversification Opportunities for BeiGene and Shaanxi Meineng
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BeiGene and Shaanxi is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Shaanxi Meineng Clean in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shaanxi Meineng Clean and BeiGene 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 BeiGene are associated (or correlated) with Shaanxi Meineng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shaanxi Meineng Clean has no effect on the direction of BeiGene i.e., BeiGene and Shaanxi Meineng go up and down completely randomly.
Pair Corralation between BeiGene and Shaanxi Meineng
Assuming the 90 days trading horizon BeiGene is expected to generate 0.76 times more return on investment than Shaanxi Meineng. However, BeiGene is 1.31 times less risky than Shaanxi Meineng. It trades about -0.24 of its potential returns per unit of risk. Shaanxi Meineng Clean is currently generating about -0.33 per unit of risk. If you would invest 17,632 in BeiGene on September 28, 2024 and sell it today you would lose (1,392) from holding BeiGene or give up 7.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Shaanxi Meineng Clean
Performance |
| Timeline |
| BeiGene |
| Shaanxi Meineng Clean |
BeiGene and Shaanxi Meineng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Shaanxi Meineng
The main advantage of trading using opposite BeiGene and Shaanxi Meineng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Shaanxi Meineng 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 Shaanxi Meineng will offset losses from the drop in Shaanxi Meineng's long position.| BeiGene vs. Industrial and Commercial | BeiGene vs. Agricultural Bank of | BeiGene vs. China Construction Bank | BeiGene vs. Bank of China |
| Shaanxi Meineng vs. BeiGene | Shaanxi Meineng vs. Kweichow Moutai Co | Shaanxi Meineng vs. Beijing Roborock Technology | Shaanxi Meineng vs. G bits Network Technology |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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