Correlation Between Ningxia Younglight and Agricultural Bank
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By analyzing existing cross correlation between Ningxia Younglight Chemicals and Agricultural Bank of, you can compare the effects of market volatilities on Ningxia Younglight 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 Ningxia Younglight with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningxia Younglight and Agricultural Bank.
Diversification Opportunities for Ningxia Younglight and Agricultural Bank
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ningxia and Agricultural is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Ningxia Younglight Chemicals and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Ningxia Younglight 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 Ningxia Younglight Chemicals 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 Ningxia Younglight i.e., Ningxia Younglight and Agricultural Bank go up and down completely randomly.
Pair Corralation between Ningxia Younglight and Agricultural Bank
Assuming the 90 days trading horizon Ningxia Younglight is expected to generate 104.54 times less return on investment than Agricultural Bank. In addition to that, Ningxia Younglight is 2.36 times more volatile than Agricultural Bank of. It trades about 0.0 of its total potential returns per unit of risk. Agricultural Bank of is currently generating about 0.1 per unit of volatility. If you would invest 274.00 in Agricultural Bank of on October 16, 2024 and sell it today you would earn a total of 229.00 from holding Agricultural Bank of or generate 83.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningxia Younglight Chemicals vs. Agricultural Bank of
Performance |
| Timeline |
| Ningxia Younglight |
| Agricultural Bank |
Ningxia Younglight and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningxia Younglight and Agricultural Bank
The main advantage of trading using opposite Ningxia Younglight and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningxia Younglight 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.| Ningxia Younglight vs. Shanghai Yanpu Metal | Ningxia Younglight vs. Zhongzhu Medical Holdings | Ningxia Younglight vs. Rising Nonferrous Metals | Ningxia Younglight vs. Shenzhen Glory Medical |
| Agricultural Bank vs. Shenzhen Noposion Agrochemicals | Agricultural Bank vs. Sinofibers Technology Co | Agricultural Bank vs. Digiwin Software Co | Agricultural Bank vs. Ningxia Younglight Chemicals |
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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