Correlation Between BeiGene and Sinomach General
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By analyzing existing cross correlation between BeiGene and Sinomach General Machinery, you can compare the effects of market volatilities on BeiGene and Sinomach General 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 Sinomach General. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Sinomach General.
Diversification Opportunities for BeiGene and Sinomach General
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between BeiGene and Sinomach is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Sinomach General Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinomach General Mac 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 Sinomach General. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinomach General Mac has no effect on the direction of BeiGene i.e., BeiGene and Sinomach General go up and down completely randomly.
Pair Corralation between BeiGene and Sinomach General
Assuming the 90 days trading horizon BeiGene is expected to generate 1.16 times more return on investment than Sinomach General. However, BeiGene is 1.16 times more volatile than Sinomach General Machinery. It trades about 0.32 of its potential returns per unit of risk. Sinomach General Machinery is currently generating about 0.0 per unit of risk. If you would invest 16,100 in BeiGene on October 23, 2024 and sell it today you would earn a total of 2,680 from holding BeiGene or generate 16.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
BeiGene vs. Sinomach General Machinery
Performance |
| Timeline |
| BeiGene |
| Sinomach General Mac |
BeiGene and Sinomach General Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Sinomach General
The main advantage of trading using opposite BeiGene and Sinomach General positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Sinomach General 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 Sinomach General will offset losses from the drop in Sinomach General's long position.| BeiGene vs. Thinkingdom Media Group | BeiGene vs. Jiangnan Mould Plastic | BeiGene vs. Shanghai Xinhua Media | BeiGene vs. Omnijoi Media Corp |
| Sinomach General vs. Hainan Mining Co | Sinomach General vs. Zijin Mining Group | Sinomach General vs. Zhengzhou Coal Mining | Sinomach General vs. Shenyang Huitian Thermal |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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