Correlation Between BeiGene and Fujian Nanwang
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By analyzing existing cross correlation between BeiGene and Fujian Nanwang Environment, you can compare the effects of market volatilities on BeiGene and Fujian Nanwang 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 Fujian Nanwang. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Fujian Nanwang.
Diversification Opportunities for BeiGene and Fujian Nanwang
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BeiGene and Fujian is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Fujian Nanwang Environment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Nanwang Envir 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 Fujian Nanwang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Nanwang Envir has no effect on the direction of BeiGene i.e., BeiGene and Fujian Nanwang go up and down completely randomly.
Pair Corralation between BeiGene and Fujian Nanwang
Assuming the 90 days trading horizon BeiGene is expected to generate 0.81 times more return on investment than Fujian Nanwang. However, BeiGene is 1.23 times less risky than Fujian Nanwang. It trades about 0.35 of its potential returns per unit of risk. Fujian Nanwang Environment is currently generating about -0.24 per unit of risk. If you would invest 16,044 in BeiGene on October 29, 2024 and sell it today you would earn a total of 2,856 from holding BeiGene or generate 17.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Fujian Nanwang Environment
Performance |
| Timeline |
| BeiGene |
| Fujian Nanwang Envir |
BeiGene and Fujian Nanwang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Fujian Nanwang
The main advantage of trading using opposite BeiGene and Fujian Nanwang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Fujian Nanwang 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 Fujian Nanwang will offset losses from the drop in Fujian Nanwang's long position.| BeiGene vs. Lander Sports Development | BeiGene vs. Zoje Resources Investment | BeiGene vs. Shenzhen AV Display Co | BeiGene vs. StarPower Semiconductor |
| Fujian Nanwang vs. Kuang Chi Technologies | Fujian Nanwang vs. Jinhe Biotechnology Co | Fujian Nanwang vs. Kangping Technology Co | Fujian Nanwang vs. Montage Technology 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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