Correlation Between Kangping Technology and Agricultural Bank
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By analyzing existing cross correlation between Kangping Technology Co and Agricultural Bank of, you can compare the effects of market volatilities on Kangping 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 Kangping Technology with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangping Technology and Agricultural Bank.
Diversification Opportunities for Kangping Technology and Agricultural Bank
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kangping and Agricultural is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Kangping 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 Kangping 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 Kangping 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 Kangping Technology i.e., Kangping Technology and Agricultural Bank go up and down completely randomly.
Pair Corralation between Kangping Technology and Agricultural Bank
Assuming the 90 days trading horizon Kangping Technology Co is expected to generate 2.12 times more return on investment than Agricultural Bank. However, Kangping Technology is 2.12 times more volatile than Agricultural Bank of. It trades about 0.19 of its potential returns per unit of risk. Agricultural Bank of is currently generating about 0.33 per unit of risk. If you would invest 2,220 in Kangping Technology Co on September 13, 2024 and sell it today you would earn a total of 178.00 from holding Kangping Technology Co or generate 8.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kangping Technology Co vs. Agricultural Bank of
Performance |
| Timeline |
| Kangping Technology |
| Agricultural Bank |
Kangping Technology and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangping Technology and Agricultural Bank
The main advantage of trading using opposite Kangping Technology and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangping 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.| Kangping Technology vs. Westone Information Industry | Kangping Technology vs. Air China Ltd | Kangping Technology vs. Shenyang Huitian Thermal | Kangping Technology vs. Metallurgical of |
| Agricultural Bank vs. Industrial and Commercial | Agricultural Bank vs. China Construction Bank | Agricultural Bank vs. Bank of China | Agricultural Bank vs. PetroChina Co Ltd |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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