Correlation Between BeiGene and Qingdao Baheal
Specify exactly 2 symbols:
By analyzing existing cross correlation between BeiGene and Qingdao Baheal Medical, you can compare the effects of market volatilities on BeiGene and Qingdao Baheal 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 Qingdao Baheal. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Qingdao Baheal.
Diversification Opportunities for BeiGene and Qingdao Baheal
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between BeiGene and Qingdao is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Qingdao Baheal Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao Baheal Medical 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 Qingdao Baheal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao Baheal Medical has no effect on the direction of BeiGene i.e., BeiGene and Qingdao Baheal go up and down completely randomly.
Pair Corralation between BeiGene and Qingdao Baheal
Assuming the 90 days trading horizon BeiGene is expected to generate 1.21 times less return on investment than Qingdao Baheal. But when comparing it to its historical volatility, BeiGene is 1.04 times less risky than Qingdao Baheal. It trades about 0.03 of its potential returns per unit of risk. Qingdao Baheal Medical is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 2,205 in Qingdao Baheal Medical on September 13, 2024 and sell it today you would earn a total of 539.00 from holding Qingdao Baheal Medical or generate 24.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Qingdao Baheal Medical
Performance |
| Timeline |
| BeiGene |
| Qingdao Baheal Medical |
BeiGene and Qingdao Baheal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Qingdao Baheal
The main advantage of trading using opposite BeiGene and Qingdao Baheal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Qingdao Baheal 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 Qingdao Baheal will offset losses from the drop in Qingdao Baheal's long position.| BeiGene vs. Xinjiang Baodi Mining | BeiGene vs. Guangdong Jingyi Metal | BeiGene vs. Gem Year Industrial Co | BeiGene vs. Lonkey Industrial Co |
| Qingdao Baheal vs. BeiGene | Qingdao Baheal vs. Kweichow Moutai Co | Qingdao Baheal vs. Beijing Roborock Technology | Qingdao Baheal 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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |