Correlation Between BeiGene and Xinjiang Baodi
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By analyzing existing cross correlation between BeiGene and Xinjiang Baodi Mining, you can compare the effects of market volatilities on BeiGene and Xinjiang Baodi 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 Xinjiang Baodi. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Xinjiang Baodi.
Diversification Opportunities for BeiGene and Xinjiang Baodi
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BeiGene and Xinjiang is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Xinjiang Baodi Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinjiang Baodi Mining 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 Xinjiang Baodi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinjiang Baodi Mining has no effect on the direction of BeiGene i.e., BeiGene and Xinjiang Baodi go up and down completely randomly.
Pair Corralation between BeiGene and Xinjiang Baodi
Assuming the 90 days trading horizon BeiGene is expected to under-perform the Xinjiang Baodi. In addition to that, BeiGene is 1.12 times more volatile than Xinjiang Baodi Mining. It trades about -0.12 of its total potential returns per unit of risk. Xinjiang Baodi Mining is currently generating about 0.13 per unit of volatility. If you would invest 647.00 in Xinjiang Baodi Mining on September 13, 2024 and sell it today you would earn a total of 44.00 from holding Xinjiang Baodi Mining or generate 6.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Xinjiang Baodi Mining
Performance |
| Timeline |
| BeiGene |
| Xinjiang Baodi Mining |
BeiGene and Xinjiang Baodi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Xinjiang Baodi
The main advantage of trading using opposite BeiGene and Xinjiang Baodi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Xinjiang Baodi 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 Xinjiang Baodi will offset losses from the drop in Xinjiang Baodi's long position.| BeiGene vs. Great Sun Foods Co | BeiGene vs. Nanjing Putian Telecommunications | BeiGene vs. Shandong Huifa Foodstuff | BeiGene vs. Eastroc Beverage Group |
| Xinjiang Baodi vs. Zijin Mining Group | Xinjiang Baodi vs. Wanhua Chemical Group | Xinjiang Baodi vs. Baoshan Iron Steel | Xinjiang Baodi vs. Shandong Gold Mining |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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