Correlation Between Rongan Property and Agricultural Bank
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By analyzing existing cross correlation between Rongan Property Co and Agricultural Bank of, you can compare the effects of market volatilities on Rongan Property and Agricultural Bank 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 Rongan Property with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rongan Property and Agricultural Bank.
Diversification Opportunities for Rongan Property and Agricultural Bank
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Rongan and Agricultural is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Rongan Property Co and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Rongan Property 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 Rongan Property Co are associated (or correlated) with Agricultural Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agricultural Bank has no effect on the direction of Rongan Property i.e., Rongan Property and Agricultural Bank go up and down completely randomly.
Pair Corralation between Rongan Property and Agricultural Bank
Assuming the 90 days trading horizon Rongan Property Co is expected to generate 1.03 times more return on investment than Agricultural Bank. However, Rongan Property is 1.03 times more volatile than Agricultural Bank of. It trades about -0.2 of its potential returns per unit of risk. Agricultural Bank of is currently generating about -0.21 per unit of risk. If you would invest 228.00 in Rongan Property Co on October 29, 2024 and sell it today you would lose (14.00) from holding Rongan Property Co or give up 6.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Rongan Property Co vs. Agricultural Bank of
Performance |
| Timeline |
| Rongan Property |
| Agricultural Bank |
Rongan Property and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rongan Property and Agricultural Bank
The main advantage of trading using opposite Rongan Property and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rongan Property position performs unexpectedly, Agricultural Bank 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 Agricultural Bank will offset losses from the drop in Agricultural Bank's long position.| Rongan Property vs. Lianhe Chemical Technology | Rongan Property vs. Xinjiang Tianrun Dairy | Rongan Property vs. Miracll Chemicals Co | Rongan Property vs. Xiangpiaopiao Food Co |
| Agricultural Bank vs. Lotus Health Group | Agricultural Bank vs. Mingchen Health Co | Agricultural Bank vs. Huaxia Fund Management | Agricultural Bank vs. Heren Health 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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