Correlation Between East Money and BeiGene
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By analyzing existing cross correlation between East Money Information and BeiGene, you can compare the effects of market volatilities on East Money and BeiGene 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 East Money with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of East Money and BeiGene.
Diversification Opportunities for East Money and BeiGene
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between East and BeiGene is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding East Money Information and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and East Money 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 East Money Information are associated (or correlated) with BeiGene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BeiGene has no effect on the direction of East Money i.e., East Money and BeiGene go up and down completely randomly.
Pair Corralation between East Money and BeiGene
Assuming the 90 days trading horizon East Money Information is expected to generate 1.91 times more return on investment than BeiGene. However, East Money is 1.91 times more volatile than BeiGene. It trades about 0.0 of its potential returns per unit of risk. BeiGene is currently generating about -0.1 per unit of risk. If you would invest 2,436 in East Money Information on October 7, 2024 and sell it today you would lose (150.00) from holding East Money Information or give up 6.16% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
East Money Information vs. BeiGene
Performance |
Timeline |
East Money Information |
BeiGene |
East Money and BeiGene Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with East Money and BeiGene
The main advantage of trading using opposite East Money and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if East Money position performs unexpectedly, BeiGene 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 BeiGene will offset losses from the drop in BeiGene's long position.East Money vs. Tieling Newcity Investment | East Money vs. Pengxin International Mining | East Money vs. Postal Savings Bank | East Money vs. Metallurgical of |
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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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