Correlation Between Shantui Construction and Agricultural Bank
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By analyzing existing cross correlation between Shantui Construction Machinery and Agricultural Bank of, you can compare the effects of market volatilities on Shantui Construction 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 Shantui Construction with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shantui Construction and Agricultural Bank.
Diversification Opportunities for Shantui Construction and Agricultural Bank
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Shantui and Agricultural is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Shantui Construction Machinery and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Shantui Construction 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 Shantui Construction Machinery 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 Shantui Construction i.e., Shantui Construction and Agricultural Bank go up and down completely randomly.
Pair Corralation between Shantui Construction and Agricultural Bank
Assuming the 90 days trading horizon Shantui Construction Machinery is expected to generate 1.82 times more return on investment than Agricultural Bank. However, Shantui Construction is 1.82 times more volatile than Agricultural Bank of. It trades about 0.11 of its potential returns per unit of risk. Agricultural Bank of is currently generating about 0.01 per unit of risk. If you would invest 951.00 in Shantui Construction Machinery on October 20, 2024 and sell it today you would earn a total of 55.00 from holding Shantui Construction Machinery or generate 5.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shantui Construction Machinery vs. Agricultural Bank of
Performance |
| Timeline |
| Shantui Construction |
| Agricultural Bank |
Shantui Construction and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shantui Construction and Agricultural Bank
The main advantage of trading using opposite Shantui Construction and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shantui Construction 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.| Shantui Construction vs. Nanxing Furniture Machinery | Shantui Construction vs. Qijing Machinery | Shantui Construction vs. Chengdu Spaceon Electronics | Shantui Construction vs. Innovative Medical Management |
| Agricultural Bank vs. Jinlong Machinery Electronic | Agricultural Bank vs. JCHX Mining Management | Agricultural Bank vs. Xingguang Agricultural Mach | Agricultural Bank vs. Shantui Construction Machinery |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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