Correlation Between BeiGene and Jiangxi Naipu
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By analyzing existing cross correlation between BeiGene and Jiangxi Naipu Mining, you can compare the effects of market volatilities on BeiGene and Jiangxi Naipu 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 Jiangxi Naipu. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Jiangxi Naipu.
Diversification Opportunities for BeiGene and Jiangxi Naipu
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between BeiGene and Jiangxi is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Jiangxi Naipu Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Naipu Mining 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 Jiangxi Naipu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Naipu Mining has no effect on the direction of BeiGene i.e., BeiGene and Jiangxi Naipu go up and down completely randomly.
Pair Corralation between BeiGene and Jiangxi Naipu
Assuming the 90 days trading horizon BeiGene is expected to generate 0.85 times more return on investment than Jiangxi Naipu. However, BeiGene is 1.17 times less risky than Jiangxi Naipu. It trades about -0.3 of its potential returns per unit of risk. Jiangxi Naipu Mining is currently generating about -0.41 per unit of risk. If you would invest 16,891 in BeiGene on October 9, 2024 and sell it today you would lose (1,211) from holding BeiGene or give up 7.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Jiangxi Naipu Mining
Performance |
| Timeline |
| BeiGene |
| Jiangxi Naipu Mining |
BeiGene and Jiangxi Naipu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Jiangxi Naipu
The main advantage of trading using opposite BeiGene and Jiangxi Naipu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Jiangxi Naipu 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 Jiangxi Naipu will offset losses from the drop in Jiangxi Naipu's long position.| BeiGene vs. Heren Health Co | BeiGene vs. Humanwell Healthcare Group | BeiGene vs. De Rucci Healthy | BeiGene vs. Impulse Qingdao Health |
| Jiangxi Naipu vs. BYD Co Ltd | Jiangxi Naipu vs. China Mobile Limited | Jiangxi Naipu vs. Agricultural Bank of | Jiangxi Naipu vs. Industrial and Commercial |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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