Correlation Between BeiGene and Sanbo Hospital
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By analyzing existing cross correlation between BeiGene and Sanbo Hospital Management, you can compare the effects of market volatilities on BeiGene and Sanbo Hospital 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 Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Sanbo Hospital.
Diversification Opportunities for BeiGene and Sanbo Hospital
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BeiGene and Sanbo is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Sanbo Hospital Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sanbo Hospital Management 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 Sanbo Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sanbo Hospital Management has no effect on the direction of BeiGene i.e., BeiGene and Sanbo Hospital go up and down completely randomly.
Pair Corralation between BeiGene and Sanbo Hospital
Assuming the 90 days trading horizon BeiGene is expected to generate 0.78 times more return on investment than Sanbo Hospital. However, BeiGene is 1.28 times less risky than Sanbo Hospital. It trades about 0.08 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about 0.05 per unit of risk. If you would invest 17,092 in BeiGene on September 4, 2024 and sell it today you would earn a total of 724.00 from holding BeiGene or generate 4.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Sanbo Hospital Management
Performance |
| Timeline |
| BeiGene |
| Sanbo Hospital Management |
BeiGene and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Sanbo Hospital
The main advantage of trading using opposite BeiGene and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Sanbo Hospital 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 Sanbo Hospital will offset losses from the drop in Sanbo Hospital's long position.| BeiGene vs. Harbin Air Conditioning | BeiGene vs. Shandong Sanyuan Biotechnology | BeiGene vs. MayAir Technology Co | BeiGene vs. Guangzhou Haige Communications |
| Sanbo Hospital vs. BeiGene | Sanbo Hospital vs. Kweichow Moutai Co | Sanbo Hospital vs. Beijing Roborock Technology | Sanbo Hospital 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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