Correlation Between BeiGene and Hubei Yingtong
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By analyzing existing cross correlation between BeiGene and Hubei Yingtong Telecommunication, you can compare the effects of market volatilities on BeiGene and Hubei Yingtong 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 Hubei Yingtong. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Hubei Yingtong.
Diversification Opportunities for BeiGene and Hubei Yingtong
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BeiGene and Hubei is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Hubei Yingtong Telecommunicati in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hubei Yingtong Telec 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 Hubei Yingtong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hubei Yingtong Telec has no effect on the direction of BeiGene i.e., BeiGene and Hubei Yingtong go up and down completely randomly.
Pair Corralation between BeiGene and Hubei Yingtong
Assuming the 90 days trading horizon BeiGene is expected to generate 3.31 times less return on investment than Hubei Yingtong. But when comparing it to its historical volatility, BeiGene is 3.36 times less risky than Hubei Yingtong. It trades about 0.28 of its potential returns per unit of risk. Hubei Yingtong Telecommunication is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 1,285 in Hubei Yingtong Telecommunication on November 18, 2024 and sell it today you would earn a total of 363.00 from holding Hubei Yingtong Telecommunication or generate 28.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Hubei Yingtong Telecommunicati
Performance |
| Timeline |
| BeiGene |
| Hubei Yingtong Telec |
BeiGene and Hubei Yingtong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Hubei Yingtong
The main advantage of trading using opposite BeiGene and Hubei Yingtong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Hubei Yingtong 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 Hubei Yingtong will offset losses from the drop in Hubei Yingtong's long position.| BeiGene vs. Science Environmental Protection | BeiGene vs. Jinsanjiang Silicon Material | BeiGene vs. Qiaoyin Environmental Tech | BeiGene vs. NBTM New Materials |
| Hubei Yingtong vs. Chengtun Mining Group | Hubei Yingtong vs. JCHX Mining Management | Hubei Yingtong vs. Western Mining Co | Hubei Yingtong vs. Guangdong Silvere Sci |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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