Correlation Between BeiGene and Harbin Air
Specify exactly 2 symbols:
By analyzing existing cross correlation between BeiGene and Harbin Air Conditioning, you can compare the effects of market volatilities on BeiGene and Harbin Air 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 Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Harbin Air.
Diversification Opportunities for BeiGene and Harbin Air
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BeiGene and Harbin is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning 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 Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of BeiGene i.e., BeiGene and Harbin Air go up and down completely randomly.
Pair Corralation between BeiGene and Harbin Air
Assuming the 90 days trading horizon BeiGene is expected to generate 1.95 times less return on investment than Harbin Air. In addition to that, BeiGene is 1.46 times more volatile than Harbin Air Conditioning. It trades about 0.08 of its total potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.22 per unit of volatility. If you would invest 467.00 in Harbin Air Conditioning on September 5, 2024 and sell it today you would earn a total of 49.00 from holding Harbin Air Conditioning or generate 10.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
BeiGene vs. Harbin Air Conditioning
Performance |
| Timeline |
| BeiGene |
| Harbin Air Conditioning |
BeiGene and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Harbin Air
The main advantage of trading using opposite BeiGene and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Harbin Air 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 Harbin Air will offset losses from the drop in Harbin Air's long position.| BeiGene vs. Lander Sports Development | BeiGene vs. Everjoy Health Group | BeiGene vs. Shaanxi Meineng Clean | BeiGene vs. Shanghai Yaoji Playing |
| Harbin Air vs. Shaanxi Meineng Clean | Harbin Air vs. Shandong Mining Machinery | Harbin Air vs. China Railway Construction | Harbin Air vs. Long Yuan Construction |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |