Correlation Between Qi An and BeiGene
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By analyzing existing cross correlation between Qi An Xin and BeiGene, you can compare the effects of market volatilities on Qi An 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 Qi An with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qi An and BeiGene.
Diversification Opportunities for Qi An and BeiGene
Very poor diversification
The 3 months correlation between 688561 and BeiGene is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Qi An Xin and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Qi An 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 Qi An Xin 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 Qi An i.e., Qi An and BeiGene go up and down completely randomly.
Pair Corralation between Qi An and BeiGene
Assuming the 90 days trading horizon Qi An Xin is expected to under-perform the BeiGene. In addition to that, Qi An is 1.24 times more volatile than BeiGene. It trades about -0.03 of its total potential returns per unit of risk. BeiGene is currently generating about 0.02 per unit of volatility. If you would invest 15,245 in BeiGene on September 23, 2024 and sell it today you would earn a total of 877.00 from holding BeiGene or generate 5.75% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Qi An Xin vs. BeiGene
Performance |
Timeline |
Qi An Xin |
BeiGene |
Qi An and BeiGene Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Qi An and BeiGene
The main advantage of trading using opposite Qi An and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qi An 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.Qi An vs. BeiGene | Qi An vs. Kweichow Moutai Co | Qi An vs. Beijing Roborock Technology | Qi An vs. G bits Network Technology |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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