Correlation Between Zoje Resources and Agricultural Bank
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By analyzing existing cross correlation between Zoje Resources Investment and Agricultural Bank of, you can compare the effects of market volatilities on Zoje Resources 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 Zoje Resources with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zoje Resources and Agricultural Bank.
Diversification Opportunities for Zoje Resources and Agricultural Bank
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Zoje and Agricultural is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Zoje Resources Investment and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Zoje Resources 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 Zoje Resources Investment 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 Zoje Resources i.e., Zoje Resources and Agricultural Bank go up and down completely randomly.
Pair Corralation between Zoje Resources and Agricultural Bank
Assuming the 90 days trading horizon Zoje Resources Investment is expected to under-perform the Agricultural Bank. In addition to that, Zoje Resources is 2.5 times more volatile than Agricultural Bank of. It trades about -0.22 of its total potential returns per unit of risk. Agricultural Bank of is currently generating about -0.02 per unit of volatility. If you would invest 511.00 in Agricultural Bank of on October 17, 2024 and sell it today you would lose (4.00) from holding Agricultural Bank of or give up 0.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zoje Resources Investment vs. Agricultural Bank of
Performance |
| Timeline |
| Zoje Resources Investment |
| Agricultural Bank |
Zoje Resources and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zoje Resources and Agricultural Bank
The main advantage of trading using opposite Zoje Resources and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zoje Resources 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.| Zoje Resources vs. Jonjee Hi tech Industrial | Zoje Resources vs. Sichuan Jinshi Technology | Zoje Resources vs. Leyard Optoelectronic | Zoje Resources vs. Jiangyin Jianghua Microelectronics |
| Agricultural Bank vs. Zoje Resources Investment | Agricultural Bank vs. Cultural Investment Holdings | Agricultural Bank vs. Shanghai Material Trading | Agricultural Bank vs. Xiandai Investment 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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