Correlation Between BeiGene and Iat Automobile
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By analyzing existing cross correlation between BeiGene and Iat Automobile Technology, you can compare the effects of market volatilities on BeiGene and Iat Automobile 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 Iat Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Iat Automobile.
Diversification Opportunities for BeiGene and Iat Automobile
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BeiGene and Iat is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Iat Automobile Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Iat Automobile Technology 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 Iat Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Iat Automobile Technology has no effect on the direction of BeiGene i.e., BeiGene and Iat Automobile go up and down completely randomly.
Pair Corralation between BeiGene and Iat Automobile
Assuming the 90 days trading horizon BeiGene is expected to generate 1.13 times less return on investment than Iat Automobile. But when comparing it to its historical volatility, BeiGene is 1.32 times less risky than Iat Automobile. It trades about 0.03 of its potential returns per unit of risk. Iat Automobile Technology is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,121 in Iat Automobile Technology on September 15, 2024 and sell it today you would earn a total of 140.00 from holding Iat Automobile Technology or generate 12.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Iat Automobile Technology
Performance |
| Timeline |
| BeiGene |
| Iat Automobile Technology |
BeiGene and Iat Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Iat Automobile
The main advantage of trading using opposite BeiGene and Iat Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Iat Automobile 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 Iat Automobile will offset losses from the drop in Iat Automobile's long position.| BeiGene vs. FSPG Hi Tech Co | BeiGene vs. Xinjiang Communications Construction | BeiGene vs. Fujian Longzhou Transportation | BeiGene vs. Hubeiyichang Transportation Group |
| Iat Automobile vs. BeiGene | Iat Automobile vs. Kweichow Moutai Co | Iat Automobile vs. Beijing Roborock Technology | Iat Automobile 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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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