Correlation Between Andon Health and Agricultural Bank
Specify exactly 2 symbols:
By analyzing existing cross correlation between Andon Health Co and Agricultural Bank of, you can compare the effects of market volatilities on Andon 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 Andon Health with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Andon Health and Agricultural Bank.
Diversification Opportunities for Andon Health and Agricultural Bank
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Andon and Agricultural is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Andon Health Co and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Andon 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 Andon Health Co 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 Andon Health i.e., Andon Health and Agricultural Bank go up and down completely randomly.
Pair Corralation between Andon Health and Agricultural Bank
Assuming the 90 days trading horizon Andon Health Co is expected to under-perform the Agricultural Bank. In addition to that, Andon Health is 1.57 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 0.11 per unit of volatility. If you would invest 273.00 in Agricultural Bank of on November 5, 2024 and sell it today you would earn a total of 243.00 from holding Agricultural Bank of or generate 89.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Andon Health Co vs. Agricultural Bank of
Performance |
| Timeline |
| Andon Health |
| Agricultural Bank |
Andon Health and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Andon Health and Agricultural Bank
The main advantage of trading using opposite Andon Health and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Andon 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.| Andon Health vs. Shaanxi Energy Investment | Andon Health vs. Chahua Modern Housewares | Andon Health vs. Zhejiang Construction Investment | Andon Health vs. Shenzhen Centralcon Investment |
| Agricultural Bank vs. Jiajia Food Group | Agricultural Bank vs. Ningbo Kangqiang Electronics | Agricultural Bank vs. Yan Tai Shuang | Agricultural Bank vs. Zhejiang Huatong Meat |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |