Correlation Between BeiGene and Digiwin Software
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By analyzing existing cross correlation between BeiGene and Digiwin Software Co, you can compare the effects of market volatilities on BeiGene and Digiwin Software 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 Digiwin Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Digiwin Software.
Diversification Opportunities for BeiGene and Digiwin Software
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BeiGene and Digiwin is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Digiwin Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Digiwin Software 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 Digiwin Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Digiwin Software has no effect on the direction of BeiGene i.e., BeiGene and Digiwin Software go up and down completely randomly.
Pair Corralation between BeiGene and Digiwin Software
Assuming the 90 days trading horizon BeiGene is expected to under-perform the Digiwin Software. But the stock apears to be less risky and, when comparing its historical volatility, BeiGene is 2.56 times less risky than Digiwin Software. The stock trades about -0.21 of its potential returns per unit of risk. The Digiwin Software Co is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 2,803 in Digiwin Software Co on September 28, 2024 and sell it today you would lose (75.00) from holding Digiwin Software Co or give up 2.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Digiwin Software Co
Performance |
| Timeline |
| BeiGene |
| Digiwin Software |
BeiGene and Digiwin Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Digiwin Software
The main advantage of trading using opposite BeiGene and Digiwin Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Digiwin Software 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 Digiwin Software will offset losses from the drop in Digiwin Software's long position.| BeiGene vs. Industrial and Commercial | BeiGene vs. Agricultural Bank of | BeiGene vs. China Construction Bank | BeiGene vs. Bank of China |
| Digiwin Software vs. Kangxin New Materials | Digiwin Software vs. Chongqing Sulian Plastic | Digiwin Software vs. Henan Shuanghui Investment | Digiwin Software vs. Harbin Hatou Investment |
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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