Correlation Between BeiGene and Shijiazhuang Yiling
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By analyzing existing cross correlation between BeiGene and Shijiazhuang Yiling Pharmaceutical, you can compare the effects of market volatilities on BeiGene and Shijiazhuang Yiling 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 Shijiazhuang Yiling. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Shijiazhuang Yiling.
Diversification Opportunities for BeiGene and Shijiazhuang Yiling
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between BeiGene and Shijiazhuang is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Shijiazhuang Yiling Pharmaceut in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shijiazhuang Yiling 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 Shijiazhuang Yiling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shijiazhuang Yiling has no effect on the direction of BeiGene i.e., BeiGene and Shijiazhuang Yiling go up and down completely randomly.
Pair Corralation between BeiGene and Shijiazhuang Yiling
Assuming the 90 days trading horizon BeiGene is expected to generate 1.34 times more return on investment than Shijiazhuang Yiling. However, BeiGene is 1.34 times more volatile than Shijiazhuang Yiling Pharmaceutical. It trades about 0.03 of its potential returns per unit of risk. Shijiazhuang Yiling Pharmaceutical is currently generating about -0.06 per unit of risk. If you would invest 13,212 in BeiGene on September 14, 2024 and sell it today you would earn a total of 3,154 from holding BeiGene or generate 23.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
BeiGene vs. Shijiazhuang Yiling Pharmaceut
Performance |
| Timeline |
| BeiGene |
| Shijiazhuang Yiling |
BeiGene and Shijiazhuang Yiling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Shijiazhuang Yiling
The main advantage of trading using opposite BeiGene and Shijiazhuang Yiling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Shijiazhuang Yiling 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 Shijiazhuang Yiling will offset losses from the drop in Shijiazhuang Yiling's long position.| BeiGene vs. Great Sun Foods Co | BeiGene vs. Nanjing Putian Telecommunications | BeiGene vs. Shandong Huifa Foodstuff | BeiGene vs. Eastroc Beverage Group |
| Shijiazhuang Yiling vs. BeiGene | Shijiazhuang Yiling vs. Kweichow Moutai Co | Shijiazhuang Yiling vs. Beijing Roborock Technology | Shijiazhuang Yiling 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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