Correlation Between Everjoy Health and Agricultural Bank
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By analyzing existing cross correlation between Everjoy Health Group and Agricultural Bank of, you can compare the effects of market volatilities on Everjoy Health 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 Everjoy Health with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and Agricultural Bank.
Diversification Opportunities for Everjoy Health and Agricultural Bank
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Everjoy and Agricultural is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Everjoy Health 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 Everjoy Health Group 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 Everjoy Health i.e., Everjoy Health and Agricultural Bank go up and down completely randomly.
Pair Corralation between Everjoy Health and Agricultural Bank
Assuming the 90 days trading horizon Everjoy Health is expected to generate 3.8 times less return on investment than Agricultural Bank. In addition to that, Everjoy Health is 2.28 times more volatile than Agricultural Bank of. It trades about 0.01 of its total potential returns per unit of risk. Agricultural Bank of is currently generating about 0.08 per unit of volatility. If you would invest 345.00 in Agricultural Bank of on September 1, 2024 and sell it today you would earn a total of 136.00 from holding Agricultural Bank of or generate 39.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Everjoy Health Group vs. Agricultural Bank of
Performance |
| Timeline |
| Everjoy Health Group |
| Agricultural Bank |
Everjoy Health and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and Agricultural Bank
The main advantage of trading using opposite Everjoy Health and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health 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.| Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. China Construction Bank | Everjoy Health vs. Bank of China |
| Agricultural Bank vs. China State Construction | Agricultural Bank vs. China Railway Group | Agricultural Bank vs. China Railway Construction | Agricultural Bank vs. China Mobile Limited |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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