Correlation Between BeiGene and Hengerda New
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By analyzing existing cross correlation between BeiGene and Hengerda New Materials, you can compare the effects of market volatilities on BeiGene and Hengerda New 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 Hengerda New. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Hengerda New.
Diversification Opportunities for BeiGene and Hengerda New
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between BeiGene and Hengerda is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Hengerda New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hengerda New Materials 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 Hengerda New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hengerda New Materials has no effect on the direction of BeiGene i.e., BeiGene and Hengerda New go up and down completely randomly.
Pair Corralation between BeiGene and Hengerda New
Assuming the 90 days trading horizon BeiGene is expected to generate 0.88 times more return on investment than Hengerda New. However, BeiGene is 1.13 times less risky than Hengerda New. It trades about 0.33 of its potential returns per unit of risk. Hengerda New Materials is currently generating about -0.05 per unit of risk. If you would invest 16,100 in BeiGene on October 24, 2024 and sell it today you would earn a total of 2,878 from holding BeiGene or generate 17.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Hengerda New Materials
Performance |
| Timeline |
| BeiGene |
| Hengerda New Materials |
BeiGene and Hengerda New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Hengerda New
The main advantage of trading using opposite BeiGene and Hengerda New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Hengerda New 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 Hengerda New will offset losses from the drop in Hengerda New's long position.| BeiGene vs. Fibocom Wireless | BeiGene vs. Beijing Kingsoft Office | BeiGene vs. Southern PublishingMedia Co | BeiGene vs. Guangzhou Jinyi Media |
| Hengerda New vs. Yankershop Food Co | Hengerda New vs. Suzhou Weizhixiang Food | Hengerda New vs. Xiangpiaopiao Food Co | Hengerda New vs. Youyou Foods Co |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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