Correlation Between Hithink RoyalFlush and Agricultural Bank
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By analyzing existing cross correlation between Hithink RoyalFlush Info and Agricultural Bank of, you can compare the effects of market volatilities on Hithink RoyalFlush 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 Hithink RoyalFlush with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hithink RoyalFlush and Agricultural Bank.
Diversification Opportunities for Hithink RoyalFlush and Agricultural Bank
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Hithink and Agricultural is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Hithink RoyalFlush Info and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Hithink RoyalFlush 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 Hithink RoyalFlush Info 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 Hithink RoyalFlush i.e., Hithink RoyalFlush and Agricultural Bank go up and down completely randomly.
Pair Corralation between Hithink RoyalFlush and Agricultural Bank
Assuming the 90 days trading horizon Hithink RoyalFlush Info is expected to generate 3.38 times more return on investment than Agricultural Bank. However, Hithink RoyalFlush is 3.38 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 0.1 per unit of risk. If you would invest 10,067 in Hithink RoyalFlush Info on August 29, 2024 and sell it today you would earn a total of 18,354 from holding Hithink RoyalFlush Info or generate 182.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hithink RoyalFlush Info vs. Agricultural Bank of
Performance |
| Timeline |
| Hithink RoyalFlush Info |
| Agricultural Bank |
Hithink RoyalFlush and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hithink RoyalFlush and Agricultural Bank
The main advantage of trading using opposite Hithink RoyalFlush and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hithink RoyalFlush 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.| Hithink RoyalFlush vs. Agricultural Bank of | Hithink RoyalFlush vs. Industrial and Commercial | Hithink RoyalFlush vs. Bank of China | Hithink RoyalFlush vs. PetroChina Co Ltd |
| Agricultural Bank vs. Spring Airlines Co | Agricultural Bank vs. Inspur Software Co | Agricultural Bank vs. Xinjiang Tianrun Dairy | Agricultural Bank vs. Jiajia Food Group |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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