Correlation Between BeiGene and G Bits
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By analyzing existing cross correlation between BeiGene and G bits Network Technology, you can compare the effects of market volatilities on BeiGene and G Bits 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 G Bits. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and G Bits.
Diversification Opportunities for BeiGene and G Bits
Very poor diversification
The 3 months correlation between BeiGene and 603444 is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and G bits Network Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on G bits Network 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 G Bits. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of G bits Network has no effect on the direction of BeiGene i.e., BeiGene and G Bits go up and down completely randomly.
Pair Corralation between BeiGene and G Bits
Assuming the 90 days trading horizon BeiGene is expected to generate 0.96 times more return on investment than G Bits. However, BeiGene is 1.04 times less risky than G Bits. It trades about 0.02 of its potential returns per unit of risk. G bits Network Technology is currently generating about -0.07 per unit of risk. If you would invest 15,457 in BeiGene on August 27, 2024 and sell it today you would earn a total of 1,186 from holding BeiGene or generate 7.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. G bits Network Technology
Performance |
| Timeline |
| BeiGene |
| G bits Network |
BeiGene and G Bits Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and G Bits
The main advantage of trading using opposite BeiGene and G Bits positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, G Bits 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 G Bits will offset losses from the drop in G Bits' long position.| BeiGene vs. China Asset Management | BeiGene vs. Shandong Hi Speed RoadBridge | BeiGene vs. Road Environment Technology | BeiGene vs. Cicc Fund Management |
| G Bits vs. Shanghai Zhangjiang Hi Tech | G Bits vs. Guangzhou Haige Communications | G Bits vs. Fujian Newland Computer | G Bits vs. Fiberhome Telecommunication Technologies |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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