Correlation Between BeiGene and NAURA Technology
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By analyzing existing cross correlation between BeiGene and NAURA Technology Group, you can compare the effects of market volatilities on BeiGene and NAURA Technology 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 NAURA Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and NAURA Technology.
Diversification Opportunities for BeiGene and NAURA Technology
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between BeiGene and NAURA is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and NAURA Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAURA Technology 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 NAURA Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NAURA Technology has no effect on the direction of BeiGene i.e., BeiGene and NAURA Technology go up and down completely randomly.
Pair Corralation between BeiGene and NAURA Technology
Assuming the 90 days trading horizon BeiGene is expected to under-perform the NAURA Technology. But the stock apears to be less risky and, when comparing its historical volatility, BeiGene is 1.21 times less risky than NAURA Technology. The stock trades about -0.05 of its potential returns per unit of risk. The NAURA Technology Group is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 38,450 in NAURA Technology Group on August 27, 2024 and sell it today you would earn a total of 3,803 from holding NAURA Technology Group or generate 9.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. NAURA Technology Group
Performance |
| Timeline |
| BeiGene |
| NAURA Technology |
BeiGene and NAURA Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and NAURA Technology
The main advantage of trading using opposite BeiGene and NAURA Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, NAURA Technology 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 NAURA Technology will offset losses from the drop in NAURA Technology's long position.| BeiGene vs. China Asset Management | BeiGene vs. Shandong Hi Speed RoadBridge | BeiGene vs. Road Environment Technology | BeiGene vs. Cicc Fund Management |
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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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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