Correlation Between BeiGene and Beijing Roborock
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By analyzing existing cross correlation between BeiGene and Beijing Roborock Technology, you can compare the effects of market volatilities on BeiGene and Beijing Roborock 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 Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of BeiGene and Beijing Roborock.
Diversification Opportunities for BeiGene and Beijing Roborock
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BeiGene and Beijing is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding BeiGene and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec 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 Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of BeiGene i.e., BeiGene and Beijing Roborock go up and down completely randomly.
Pair Corralation between BeiGene and Beijing Roborock
Assuming the 90 days trading horizon BeiGene is expected to generate 0.86 times more return on investment than Beijing Roborock. However, BeiGene is 1.16 times less risky than Beijing Roborock. It trades about -0.05 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about -0.43 per unit of risk. If you would invest 17,274 in BeiGene on August 27, 2024 and sell it today you would lose (631.00) from holding BeiGene or give up 3.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BeiGene vs. Beijing Roborock Technology
Performance |
| Timeline |
| BeiGene |
| Beijing Roborock Tec |
BeiGene and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BeiGene and Beijing Roborock
The main advantage of trading using opposite BeiGene and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BeiGene position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| BeiGene vs. China Asset Management | BeiGene vs. Shandong Hi Speed RoadBridge | BeiGene vs. Road Environment Technology | BeiGene vs. Cicc Fund Management |
| Beijing Roborock vs. CGN Nuclear Technology | Beijing Roborock vs. Changjiang Jinggong Steel | Beijing Roborock vs. Lingyuan Iron Steel | Beijing Roborock vs. Bengang Steel Plates |
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 Stocks Directory module to find actively traded stocks across global markets.
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