Correlation Between BeiGene and Yunnan Xiyi
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By analyzing existing cross correlation between BeiGene and Yunnan Xiyi Industrial, you can compare the effects of market volatilities on BeiGene and Yunnan Xiyi 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 Yunnan Xiyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Yunnan Xiyi.
Diversification Opportunities for BeiGene and Yunnan Xiyi
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BeiGene and Yunnan is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Yunnan Xiyi Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Xiyi Industrial 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 Yunnan Xiyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Xiyi Industrial has no effect on the direction of BeiGene i.e., BeiGene and Yunnan Xiyi go up and down completely randomly.
Pair Corralation between BeiGene and Yunnan Xiyi
Assuming the 90 days trading horizon BeiGene is expected to generate 3.19 times less return on investment than Yunnan Xiyi. But when comparing it to its historical volatility, BeiGene is 3.09 times less risky than Yunnan Xiyi. It trades about 0.24 of its potential returns per unit of risk. Yunnan Xiyi Industrial is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 2,055 in Yunnan Xiyi Industrial on October 20, 2024 and sell it today you would earn a total of 840.00 from holding Yunnan Xiyi Industrial or generate 40.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Yunnan Xiyi Industrial
Performance |
| Timeline |
| BeiGene |
| Yunnan Xiyi Industrial |
BeiGene and Yunnan Xiyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Yunnan Xiyi
The main advantage of trading using opposite BeiGene and Yunnan Xiyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Yunnan Xiyi 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 Yunnan Xiyi will offset losses from the drop in Yunnan Xiyi's long position.| BeiGene vs. Guangzhou Seagull Kitchen | BeiGene vs. Lutian Machinery Co | BeiGene vs. Jinlong Machinery Electronic | BeiGene vs. Shenzhen Noposion Agrochemicals |
| Yunnan Xiyi vs. HaiXin Foods Co | Yunnan Xiyi vs. Liaoning Dingjide Petrochemical | Yunnan Xiyi vs. Jiahe Foods Industry | Yunnan Xiyi vs. Liuzhou Chemical Industry |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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