Correlation Between BeiGene and Fujian Forecam
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By analyzing existing cross correlation between BeiGene and Fujian Forecam Optics, you can compare the effects of market volatilities on BeiGene and Fujian Forecam 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 Fujian Forecam. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Fujian Forecam.
Diversification Opportunities for BeiGene and Fujian Forecam
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BeiGene and Fujian is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Fujian Forecam Optics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Forecam Optics 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 Fujian Forecam. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Forecam Optics has no effect on the direction of BeiGene i.e., BeiGene and Fujian Forecam go up and down completely randomly.
Pair Corralation between BeiGene and Fujian Forecam
Assuming the 90 days trading horizon BeiGene is expected to generate 5.05 times less return on investment than Fujian Forecam. But when comparing it to its historical volatility, BeiGene is 2.69 times less risky than Fujian Forecam. It trades about 0.07 of its potential returns per unit of risk. Fujian Forecam Optics is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 2,770 in Fujian Forecam Optics on September 5, 2024 and sell it today you would earn a total of 582.00 from holding Fujian Forecam Optics or generate 21.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Fujian Forecam Optics
Performance |
| Timeline |
| BeiGene |
| Fujian Forecam Optics |
BeiGene and Fujian Forecam Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Fujian Forecam
The main advantage of trading using opposite BeiGene and Fujian Forecam positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Fujian Forecam 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 Fujian Forecam will offset losses from the drop in Fujian Forecam's long position.| BeiGene vs. Lander Sports Development | BeiGene vs. Everjoy Health Group | BeiGene vs. Shaanxi Meineng Clean | BeiGene vs. Shanghai Yaoji Playing |
| Fujian Forecam vs. BeiGene | Fujian Forecam vs. Kweichow Moutai Co | Fujian Forecam vs. Beijing Roborock Technology | Fujian Forecam vs. G bits Network Technology |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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