Correlation Between BeiGene and BCEG Environmental
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By analyzing existing cross correlation between BeiGene and BCEG Environmental Remediation, you can compare the effects of market volatilities on BeiGene and BCEG Environmental 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 BCEG Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and BCEG Environmental.
Diversification Opportunities for BeiGene and BCEG Environmental
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between BeiGene and BCEG is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and BCEG Environmental Remediation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BCEG Environmental 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 BCEG Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BCEG Environmental has no effect on the direction of BeiGene i.e., BeiGene and BCEG Environmental go up and down completely randomly.
Pair Corralation between BeiGene and BCEG Environmental
Assuming the 90 days trading horizon BeiGene is expected to generate 1.24 times more return on investment than BCEG Environmental. However, BeiGene is 1.24 times more volatile than BCEG Environmental Remediation. It trades about 0.33 of its potential returns per unit of risk. BCEG Environmental Remediation is currently generating about -0.13 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. BCEG Environmental Remediation
Performance |
| Timeline |
| BeiGene |
| BCEG Environmental |
BeiGene and BCEG Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and BCEG Environmental
The main advantage of trading using opposite BeiGene and BCEG Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, BCEG Environmental 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 BCEG Environmental will offset losses from the drop in BCEG Environmental's long position.| BeiGene vs. Fibocom Wireless | BeiGene vs. Beijing Kingsoft Office | BeiGene vs. Southern PublishingMedia Co | BeiGene vs. Guangzhou Jinyi Media |
| BCEG Environmental vs. Beijing Kaiwen Education | BCEG Environmental vs. Suzhou Mingzhi Technology | BCEG Environmental vs. Zhejiang Publishing Media | BCEG Environmental vs. Qtone Education Group |
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 CEOs Directory module to screen CEOs from public companies around the world.
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