Correlation Between BeiGene and Anji Microelectronics
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By analyzing existing cross correlation between BeiGene and Anji Microelectronics Tech, you can compare the effects of market volatilities on BeiGene and Anji Microelectronics 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 Anji Microelectronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Anji Microelectronics.
Diversification Opportunities for BeiGene and Anji Microelectronics
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BeiGene and Anji is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Anji Microelectronics Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anji Microelectronics 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 Anji Microelectronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anji Microelectronics has no effect on the direction of BeiGene i.e., BeiGene and Anji Microelectronics go up and down completely randomly.
Pair Corralation between BeiGene and Anji Microelectronics
Assuming the 90 days trading horizon BeiGene is expected to generate 1.29 times more return on investment than Anji Microelectronics. However, BeiGene is 1.29 times more volatile than Anji Microelectronics Tech. It trades about -0.16 of its potential returns per unit of risk. Anji Microelectronics Tech is currently generating about -0.25 per unit of risk. If you would invest 18,692 in BeiGene on September 12, 2024 and sell it today you would lose (2,064) from holding BeiGene or give up 11.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Anji Microelectronics Tech
Performance |
| Timeline |
| BeiGene |
| Anji Microelectronics |
BeiGene and Anji Microelectronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Anji Microelectronics
The main advantage of trading using opposite BeiGene and Anji Microelectronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Anji Microelectronics 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 Anji Microelectronics will offset losses from the drop in Anji Microelectronics' long position.| BeiGene vs. Touchstone International Medical | BeiGene vs. Guizhou BroadcastingTV Info | BeiGene vs. Zhengping RoadBridge Constr | BeiGene vs. Hubeiyichang Transportation Group |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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