Correlation Between BeiGene and XinJiang GuoTong
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By analyzing existing cross correlation between BeiGene and XinJiang GuoTong Pipeline, you can compare the effects of market volatilities on BeiGene and XinJiang GuoTong 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 XinJiang GuoTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and XinJiang GuoTong.
Diversification Opportunities for BeiGene and XinJiang GuoTong
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BeiGene and XinJiang is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and XinJiang GuoTong Pipeline in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XinJiang GuoTong Pipeline 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 XinJiang GuoTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XinJiang GuoTong Pipeline has no effect on the direction of BeiGene i.e., BeiGene and XinJiang GuoTong go up and down completely randomly.
Pair Corralation between BeiGene and XinJiang GuoTong
Assuming the 90 days trading horizon BeiGene is expected to generate 0.9 times more return on investment than XinJiang GuoTong. However, BeiGene is 1.11 times less risky than XinJiang GuoTong. It trades about 0.01 of its potential returns per unit of risk. XinJiang GuoTong Pipeline is currently generating about -0.01 per unit of risk. If you would invest 15,500 in BeiGene on October 9, 2024 and sell it today you would earn a total of 180.00 from holding BeiGene or generate 1.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. XinJiang GuoTong Pipeline
Performance |
| Timeline |
| BeiGene |
| XinJiang GuoTong Pipeline |
BeiGene and XinJiang GuoTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and XinJiang GuoTong
The main advantage of trading using opposite BeiGene and XinJiang GuoTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, XinJiang GuoTong 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 XinJiang GuoTong will offset losses from the drop in XinJiang GuoTong's long position.| BeiGene vs. Heren Health Co | BeiGene vs. Humanwell Healthcare Group | BeiGene vs. De Rucci Healthy | BeiGene vs. Impulse Qingdao Health |
| XinJiang GuoTong vs. Hubei Geoway Investment | XinJiang GuoTong vs. Luyin Investment Group | XinJiang GuoTong vs. Henan Shuanghui Investment | XinJiang GuoTong vs. Yunnan Jianzhijia Health Chain |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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