Correlation Between Sinofibers Technology and Agricultural Bank
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By analyzing existing cross correlation between Sinofibers Technology Co and Agricultural Bank of, you can compare the effects of market volatilities on Sinofibers Technology 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 Sinofibers Technology with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sinofibers Technology and Agricultural Bank.
Diversification Opportunities for Sinofibers Technology and Agricultural Bank
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Sinofibers and Agricultural is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Sinofibers Technology 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 Sinofibers Technology 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 Sinofibers Technology 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 Sinofibers Technology i.e., Sinofibers Technology and Agricultural Bank go up and down completely randomly.
Pair Corralation between Sinofibers Technology and Agricultural Bank
Assuming the 90 days trading horizon Sinofibers Technology Co is expected to under-perform the Agricultural Bank. In addition to that, Sinofibers Technology is 3.56 times more volatile than Agricultural Bank of. It trades about -0.16 of its total potential returns per unit of risk. Agricultural Bank of is currently generating about 0.09 per unit of volatility. If you would invest 473.00 in Agricultural Bank of on September 1, 2024 and sell it today you would earn a total of 8.00 from holding Agricultural Bank of or generate 1.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sinofibers Technology Co vs. Agricultural Bank of
Performance |
| Timeline |
| Sinofibers Technology |
| Agricultural Bank |
Sinofibers Technology and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sinofibers Technology and Agricultural Bank
The main advantage of trading using opposite Sinofibers Technology and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sinofibers Technology 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.| Sinofibers Technology vs. Mengtian Home Group | Sinofibers Technology vs. Qtone Education Group | Sinofibers Technology vs. Time Publishing and | Sinofibers Technology vs. Dymatic Chemicals |
| Agricultural Bank vs. China State Construction | Agricultural Bank vs. China Railway Group | Agricultural Bank vs. China Railway Construction | Agricultural Bank vs. China Mobile Limited |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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