Correlation Between CIMC Vehicles and Agricultural Bank
Specify exactly 2 symbols:
By analyzing existing cross correlation between CIMC Vehicles Co and Agricultural Bank of, you can compare the effects of market volatilities on CIMC Vehicles 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 CIMC Vehicles with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of CIMC Vehicles and Agricultural Bank.
Diversification Opportunities for CIMC Vehicles and Agricultural Bank
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CIMC and Agricultural is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding CIMC Vehicles 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 CIMC Vehicles 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 CIMC Vehicles 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 CIMC Vehicles i.e., CIMC Vehicles and Agricultural Bank go up and down completely randomly.
Pair Corralation between CIMC Vehicles and Agricultural Bank
Assuming the 90 days trading horizon CIMC Vehicles Co is expected to under-perform the Agricultural Bank. But the stock apears to be less risky and, when comparing its historical volatility, CIMC Vehicles Co is 1.12 times less risky than Agricultural Bank. The stock trades about -0.12 of its potential returns per unit of risk. The Agricultural Bank of is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 504.00 in Agricultural Bank of on October 21, 2024 and sell it today you would earn a total of 1.00 from holding Agricultural Bank of or generate 0.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CIMC Vehicles Co vs. Agricultural Bank of
Performance |
| Timeline |
| CIMC Vehicles |
| Agricultural Bank |
CIMC Vehicles and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CIMC Vehicles and Agricultural Bank
The main advantage of trading using opposite CIMC Vehicles and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CIMC Vehicles 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.| CIMC Vehicles vs. Aba Chemicals Corp | CIMC Vehicles vs. Haima Automobile Group | CIMC Vehicles vs. Songz Automobile Air | CIMC Vehicles vs. Tongyu Communication |
| Agricultural Bank vs. Jinlong Machinery Electronic | Agricultural Bank vs. JCHX Mining Management | Agricultural Bank vs. Xingguang Agricultural Mach | Agricultural Bank vs. Shantui Construction Machinery |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |