Correlation Between BeiGene and Xinjiang Sailing
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By analyzing existing cross correlation between BeiGene and Xinjiang Sailing Information, you can compare the effects of market volatilities on BeiGene and Xinjiang Sailing 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 Xinjiang Sailing. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Xinjiang Sailing.
Diversification Opportunities for BeiGene and Xinjiang Sailing
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between BeiGene and Xinjiang is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Xinjiang Sailing Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinjiang Sailing Inf 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 Xinjiang Sailing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinjiang Sailing Inf has no effect on the direction of BeiGene i.e., BeiGene and Xinjiang Sailing go up and down completely randomly.
Pair Corralation between BeiGene and Xinjiang Sailing
Assuming the 90 days trading horizon BeiGene is expected to generate 0.55 times more return on investment than Xinjiang Sailing. However, BeiGene is 1.81 times less risky than Xinjiang Sailing. It trades about 0.32 of its potential returns per unit of risk. Xinjiang Sailing Information is currently generating about -0.2 per unit of risk. If you would invest 16,100 in BeiGene on October 23, 2024 and sell it today you would earn a total of 2,680 from holding BeiGene or generate 16.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Xinjiang Sailing Information
Performance |
| Timeline |
| BeiGene |
| Xinjiang Sailing Inf |
BeiGene and Xinjiang Sailing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Xinjiang Sailing
The main advantage of trading using opposite BeiGene and Xinjiang Sailing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Xinjiang Sailing 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 Xinjiang Sailing will offset losses from the drop in Xinjiang Sailing's long position.| BeiGene vs. Thinkingdom Media Group | BeiGene vs. Jiangnan Mould Plastic | BeiGene vs. Shanghai Xinhua Media | BeiGene vs. Omnijoi Media Corp |
| Xinjiang Sailing vs. BeiGene | Xinjiang Sailing vs. Kweichow Moutai Co | Xinjiang Sailing vs. Beijing Roborock Technology | Xinjiang Sailing 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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