Correlation Between Jiangsu Jinling and Agricultural Bank
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Agricultural Bank of, you can compare the effects of market volatilities on Jiangsu Jinling 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 Jinling with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Agricultural Bank.
Diversification Opportunities for Jiangsu Jinling and Agricultural Bank
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangsu and Agricultural is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports 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 Jinling 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 Jinling Sports 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 Jinling i.e., Jiangsu Jinling and Agricultural Bank go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Agricultural Bank
Assuming the 90 days trading horizon Jiangsu Jinling is expected to generate 1.26 times less return on investment than Agricultural Bank. In addition to that, Jiangsu Jinling is 2.66 times more volatile than Agricultural Bank of. It trades about 0.11 of its total potential returns per unit of risk. Agricultural Bank of is currently generating about 0.37 per unit of volatility. If you would invest 469.00 in Agricultural Bank of on September 12, 2024 and sell it today you would earn a total of 36.00 from holding Agricultural Bank of or generate 7.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Jiangsu Jinling Sports vs. Agricultural Bank of
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Agricultural Bank |
Jiangsu Jinling and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Agricultural Bank
The main advantage of trading using opposite Jiangsu Jinling and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling 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 Jinling vs. Lutian Machinery Co | Jiangsu Jinling vs. PetroChina Co Ltd | Jiangsu Jinling vs. Bank of China | Jiangsu Jinling vs. Gansu Jiu Steel |
| 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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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