Correlation Between Suzhou Xingye and BeiGene
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By analyzing existing cross correlation between Suzhou Xingye Material and BeiGene, you can compare the effects of market volatilities on Suzhou Xingye 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 Suzhou Xingye with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Xingye and BeiGene.
Diversification Opportunities for Suzhou Xingye and BeiGene
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Suzhou and BeiGene is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Xingye Material and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Suzhou Xingye 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 Suzhou Xingye Material 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 Suzhou Xingye i.e., Suzhou Xingye and BeiGene go up and down completely randomly.
Pair Corralation between Suzhou Xingye and BeiGene
Assuming the 90 days trading horizon Suzhou Xingye Material is expected to generate 1.01 times more return on investment than BeiGene. However, Suzhou Xingye is 1.01 times more volatile than BeiGene. It trades about 0.08 of its potential returns per unit of risk. BeiGene is currently generating about -0.06 per unit of risk. If you would invest 895.00 in Suzhou Xingye Material on September 23, 2024 and sell it today you would earn a total of 30.00 from holding Suzhou Xingye Material or generate 3.35% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Suzhou Xingye Material vs. BeiGene
Performance |
Timeline |
Suzhou Xingye Material |
BeiGene |
Suzhou Xingye and BeiGene Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Suzhou Xingye and BeiGene
The main advantage of trading using opposite Suzhou Xingye and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Xingye 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.Suzhou Xingye vs. Zijin Mining Group | Suzhou Xingye vs. Wanhua Chemical Group | Suzhou Xingye vs. Baoshan Iron Steel | Suzhou Xingye vs. Shandong Gold Mining |
BeiGene vs. Suzhou Xingye Material | BeiGene vs. Cangzhou Mingzhu Plastic | BeiGene vs. Jonjee Hi tech Industrial | BeiGene vs. Ningxia Building Materials |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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