Correlation Between Double Medical and Agricultural Bank
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By analyzing existing cross correlation between Double Medical Technology and Agricultural Bank of, you can compare the effects of market volatilities on Double Medical 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 Double Medical with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Double Medical and Agricultural Bank.
Diversification Opportunities for Double Medical and Agricultural Bank
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Double and Agricultural is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Double Medical Technology and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Double Medical 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 Double Medical Technology 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 Double Medical i.e., Double Medical and Agricultural Bank go up and down completely randomly.
Pair Corralation between Double Medical and Agricultural Bank
Assuming the 90 days trading horizon Double Medical is expected to generate 9.61 times less return on investment than Agricultural Bank. In addition to that, Double Medical is 1.9 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 | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Double Medical Technology vs. Agricultural Bank of
Performance |
| Timeline |
| Double Medical Technology |
| Agricultural Bank |
Double Medical and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Double Medical and Agricultural Bank
The main advantage of trading using opposite Double Medical and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Double Medical 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.| Double Medical vs. Youyou Foods Co | Double Medical vs. New Hope Dairy | Double Medical vs. Zhejiang Huatong Meat | Double Medical vs. Sportsoul Co Ltd |
| 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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