Correlation Between Henzhen Zhaowei and Agricultural Bank
Specify exactly 2 symbols:
By analyzing existing cross correlation between Henzhen Zhaowei Machinery and Agricultural Bank of, you can compare the effects of market volatilities on Henzhen Zhaowei 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 Henzhen Zhaowei with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Henzhen Zhaowei and Agricultural Bank.
Diversification Opportunities for Henzhen Zhaowei and Agricultural Bank
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Henzhen and Agricultural is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Henzhen Zhaowei Machinery and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Henzhen Zhaowei 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 Henzhen Zhaowei Machinery 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 Henzhen Zhaowei i.e., Henzhen Zhaowei and Agricultural Bank go up and down completely randomly.
Pair Corralation between Henzhen Zhaowei and Agricultural Bank
Assuming the 90 days trading horizon Henzhen Zhaowei Machinery is expected to generate 3.06 times more return on investment than Agricultural Bank. However, Henzhen Zhaowei is 3.06 times more volatile than Agricultural Bank of. It trades about 0.07 of its potential returns per unit of risk. Agricultural Bank of is currently generating about 0.11 per unit of risk. If you would invest 5,642 in Henzhen Zhaowei Machinery on September 12, 2024 and sell it today you would earn a total of 3,146 from holding Henzhen Zhaowei Machinery or generate 55.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Henzhen Zhaowei Machinery vs. Agricultural Bank of
Performance |
| Timeline |
| Henzhen Zhaowei Machinery |
| Agricultural Bank |
Henzhen Zhaowei and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Henzhen Zhaowei and Agricultural Bank
The main advantage of trading using opposite Henzhen Zhaowei and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Henzhen Zhaowei 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.| Henzhen Zhaowei vs. Agricultural Bank of | Henzhen Zhaowei vs. Industrial and Commercial | Henzhen Zhaowei vs. Bank of China | Henzhen Zhaowei vs. PetroChina Co Ltd |
| Agricultural Bank vs. China Petroleum Chemical | Agricultural Bank vs. PetroChina Co Ltd | Agricultural Bank vs. China Mobile Limited | Agricultural Bank vs. Industrial and Commercial |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |