Correlation Between Yuan Longping and Agricultural Bank
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By analyzing existing cross correlation between Yuan Longping High tech and Agricultural Bank of, you can compare the effects of market volatilities on Yuan Longping 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 Yuan Longping with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yuan Longping and Agricultural Bank.
Diversification Opportunities for Yuan Longping and Agricultural Bank
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Yuan and Agricultural is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Yuan Longping High tech and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Yuan Longping 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 Yuan Longping High tech 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 Yuan Longping i.e., Yuan Longping and Agricultural Bank go up and down completely randomly.
Pair Corralation between Yuan Longping and Agricultural Bank
Assuming the 90 days trading horizon Yuan Longping High tech is expected to under-perform the Agricultural Bank. In addition to that, Yuan Longping is 1.47 times more volatile than Agricultural Bank of. It trades about -0.04 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 271.00 in Agricultural Bank of on August 26, 2024 and sell it today you would earn a total of 199.00 from holding Agricultural Bank of or generate 73.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yuan Longping High tech vs. Agricultural Bank of
Performance |
| Timeline |
| Yuan Longping High |
| Agricultural Bank |
Yuan Longping and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yuan Longping and Agricultural Bank
The main advantage of trading using opposite Yuan Longping and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yuan Longping 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.| Yuan Longping vs. Agricultural Bank of | Yuan Longping vs. Industrial and Commercial | Yuan Longping vs. Bank of China | Yuan Longping vs. China Construction Bank |
| Agricultural Bank vs. Road Environment Technology | Agricultural Bank vs. Anhui Deli Household | Agricultural Bank vs. Jiangsu Broadcasting Cable | Agricultural Bank vs. Chahua Modern Housewares |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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