Correlation Between Super Dragon and Agricultural Bank
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By analyzing existing cross correlation between Super Dragon Engineering Plastics and Agricultural Bank of, you can compare the effects of market volatilities on Super Dragon 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 Super Dragon with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Super Dragon and Agricultural Bank.
Diversification Opportunities for Super Dragon and Agricultural Bank
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Super and Agricultural is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Super Dragon Engineering Plast and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Super Dragon 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 Super Dragon Engineering Plastics 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 Super Dragon i.e., Super Dragon and Agricultural Bank go up and down completely randomly.
Pair Corralation between Super Dragon and Agricultural Bank
Assuming the 90 days trading horizon Super Dragon Engineering Plastics is expected to generate 3.61 times more return on investment than Agricultural Bank. However, Super Dragon is 3.61 times more volatile than Agricultural Bank of. It trades about 0.17 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 3,659 in Super Dragon Engineering Plastics on September 13, 2024 and sell it today you would earn a total of 442.00 from holding Super Dragon Engineering Plastics or generate 12.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Super Dragon Engineering Plast vs. Agricultural Bank of
Performance |
| Timeline |
| Super Dragon Enginee |
| Agricultural Bank |
Super Dragon and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Super Dragon and Agricultural Bank
The main advantage of trading using opposite Super Dragon and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Super Dragon 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.| Super Dragon vs. Zhejiang JIULI Hi tech | Super Dragon vs. Qilu Bank Co | Super Dragon vs. Kuang Chi Technologies | Super Dragon vs. Guangdong Shenglu Telecommunication |
| 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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