Correlation Between BeiGene and Meinian Onehealth
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By analyzing existing cross correlation between BeiGene and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on BeiGene and Meinian Onehealth 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 Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Meinian Onehealth.
Diversification Opportunities for BeiGene and Meinian Onehealth
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BeiGene and Meinian is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth 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 Meinian Onehealth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Meinian Onehealth has no effect on the direction of BeiGene i.e., BeiGene and Meinian Onehealth go up and down completely randomly.
Pair Corralation between BeiGene and Meinian Onehealth
Assuming the 90 days trading horizon BeiGene is expected to generate 1.13 times more return on investment than Meinian Onehealth. However, BeiGene is 1.13 times more volatile than Meinian Onehealth Healthcare. It trades about 0.07 of its potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about 0.06 per unit of risk. If you would invest 17,092 in BeiGene on September 5, 2024 and sell it today you would earn a total of 724.00 from holding BeiGene or generate 4.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| BeiGene |
| Meinian Onehealth |
BeiGene and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Meinian Onehealth
The main advantage of trading using opposite BeiGene and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Meinian Onehealth 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 Meinian Onehealth will offset losses from the drop in Meinian Onehealth's long position.| BeiGene vs. Lander Sports Development | BeiGene vs. Everjoy Health Group | BeiGene vs. Shaanxi Meineng Clean | BeiGene vs. Shanghai Yaoji Playing |
| Meinian Onehealth vs. BeiGene | Meinian Onehealth vs. Kweichow Moutai Co | Meinian Onehealth vs. Beijing Roborock Technology | Meinian Onehealth 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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