Correlation Between Jiangsu Yanghe and Agricultural Bank
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By analyzing existing cross correlation between Jiangsu Yanghe Brewery and Agricultural Bank of, you can compare the effects of market volatilities on Jiangsu Yanghe 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 Jiangsu Yanghe with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Yanghe and Agricultural Bank.
Diversification Opportunities for Jiangsu Yanghe and Agricultural Bank
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Jiangsu and Agricultural is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Yanghe Brewery and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Jiangsu Yanghe 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 Jiangsu Yanghe Brewery 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 Jiangsu Yanghe i.e., Jiangsu Yanghe and Agricultural Bank go up and down completely randomly.
Pair Corralation between Jiangsu Yanghe and Agricultural Bank
Assuming the 90 days trading horizon Jiangsu Yanghe Brewery is expected to under-perform the Agricultural Bank. But the stock apears to be less risky and, when comparing its historical volatility, Jiangsu Yanghe Brewery is 1.12 times less risky than Agricultural Bank. The stock trades about -0.26 of its potential returns per unit of risk. The Agricultural Bank of is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 470.00 in Agricultural Bank of on October 16, 2024 and sell it today you would earn a total of 35.00 from holding Agricultural Bank of or generate 7.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Yanghe Brewery vs. Agricultural Bank of
Performance |
| Timeline |
| Jiangsu Yanghe Brewery |
| Agricultural Bank |
Jiangsu Yanghe and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Yanghe and Agricultural Bank
The main advantage of trading using opposite Jiangsu Yanghe and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Yanghe 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.| Jiangsu Yanghe vs. Sunny Loan Top | Jiangsu Yanghe vs. XinJiang GuoTong Pipeline | Jiangsu Yanghe vs. Iat Automobile Technology | Jiangsu Yanghe vs. Allwin Telecommunication Co |
| Agricultural Bank vs. Huayi Brothers Media | Agricultural Bank vs. Jiangsu Yanghe Brewery | Agricultural Bank vs. Easyhome New Retail | Agricultural Bank vs. Chengdu B ray Media |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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