Correlation Between BeiGene and Zhengping RoadBridge
Specify exactly 2 symbols:
By analyzing existing cross correlation between BeiGene and Zhengping RoadBridge Constr, you can compare the effects of market volatilities on BeiGene and Zhengping RoadBridge 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 Zhengping RoadBridge. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Zhengping RoadBridge.
Diversification Opportunities for BeiGene and Zhengping RoadBridge
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BeiGene and Zhengping is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Zhengping RoadBridge Constr in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhengping RoadBridge 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 Zhengping RoadBridge. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhengping RoadBridge has no effect on the direction of BeiGene i.e., BeiGene and Zhengping RoadBridge go up and down completely randomly.
Pair Corralation between BeiGene and Zhengping RoadBridge
Assuming the 90 days trading horizon BeiGene is expected to generate 0.54 times more return on investment than Zhengping RoadBridge. However, BeiGene is 1.85 times less risky than Zhengping RoadBridge. It trades about 0.33 of its potential returns per unit of risk. Zhengping RoadBridge Constr is currently generating about -0.08 per unit of risk. If you would invest 16,100 in BeiGene on October 24, 2024 and sell it today you would earn a total of 2,878 from holding BeiGene or generate 17.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Zhengping RoadBridge Constr
Performance |
| Timeline |
| BeiGene |
| Zhengping RoadBridge |
BeiGene and Zhengping RoadBridge Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Zhengping RoadBridge
The main advantage of trading using opposite BeiGene and Zhengping RoadBridge positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Zhengping RoadBridge 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 Zhengping RoadBridge will offset losses from the drop in Zhengping RoadBridge's long position.| BeiGene vs. Fibocom Wireless | BeiGene vs. Beijing Kingsoft Office | BeiGene vs. Southern PublishingMedia Co | BeiGene vs. Guangzhou Jinyi Media |
| Zhengping RoadBridge vs. Time Publishing and | Zhengping RoadBridge vs. Nuode Investment Co | Zhengping RoadBridge vs. Northern United Publishing | Zhengping RoadBridge vs. Xiandai Investment 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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |