Correlation Between Hang Xiao and BeiGene
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By analyzing existing cross correlation between Hang Xiao Steel and BeiGene, you can compare the effects of market volatilities on Hang Xiao 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 Hang Xiao with a short position of BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hang Xiao and BeiGene.
Diversification Opportunities for Hang Xiao and BeiGene
Very weak diversification
The 3 months correlation between Hang and BeiGene is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Hang Xiao Steel and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene and Hang Xiao 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 Hang Xiao Steel 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 Hang Xiao i.e., Hang Xiao and BeiGene go up and down completely randomly.
Pair Corralation between Hang Xiao and BeiGene
Assuming the 90 days trading horizon Hang Xiao Steel is expected to generate 0.94 times more return on investment than BeiGene. However, Hang Xiao Steel is 1.06 times less risky than BeiGene. It trades about 0.07 of its potential returns per unit of risk. BeiGene is currently generating about 0.06 per unit of risk. If you would invest 236.00 in Hang Xiao Steel on September 25, 2024 and sell it today you would earn a total of 27.00 from holding Hang Xiao Steel or generate 11.44% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Hang Xiao Steel vs. BeiGene
Performance |
Timeline |
Hang Xiao Steel |
BeiGene |
Hang Xiao and BeiGene Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hang Xiao and BeiGene
The main advantage of trading using opposite Hang Xiao and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hang Xiao 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.Hang Xiao vs. BeiGene | Hang Xiao vs. Kweichow Moutai Co | Hang Xiao vs. Beijing Roborock Technology | Hang Xiao vs. G bits Network Technology |
BeiGene vs. Zhejiang Construction Investment | BeiGene vs. Metro Investment Development | BeiGene vs. Kunshan Guoli Electronic | BeiGene vs. Xinya Electronic Co |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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