Correlation Between Harvest Fund and Agricultural Bank
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By analyzing existing cross correlation between Harvest Fund Management and Agricultural Bank of, you can compare the effects of market volatilities on Harvest Fund 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 Harvest Fund with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Agricultural Bank.
Diversification Opportunities for Harvest Fund and Agricultural Bank
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Harvest and Agricultural is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Harvest Fund 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 Harvest Fund Management 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 Harvest Fund i.e., Harvest Fund and Agricultural Bank go up and down completely randomly.
Pair Corralation between Harvest Fund and Agricultural Bank
Assuming the 90 days trading horizon Harvest Fund Management is expected to under-perform the Agricultural Bank. But the stock apears to be less risky and, when comparing its historical volatility, Harvest Fund Management is 2.62 times less risky than Agricultural Bank. The stock trades about -0.01 of its potential returns per unit of risk. The Agricultural Bank of is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 452.00 in Agricultural Bank of on September 4, 2024 and sell it today you would earn a total of 37.00 from holding Agricultural Bank of or generate 8.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harvest Fund Management vs. Agricultural Bank of
Performance |
| Timeline |
| Harvest Fund Management |
| Agricultural Bank |
Harvest Fund and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Agricultural Bank
The main advantage of trading using opposite Harvest Fund and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund 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.| Harvest Fund vs. Industrial and Commercial | Harvest Fund vs. Kweichow Moutai Co | Harvest Fund vs. Agricultural Bank of | Harvest Fund vs. China Mobile Limited |
| Agricultural Bank vs. Liaoning Chengda Biotechnology | Agricultural Bank vs. Harvest Fund Management | Agricultural Bank vs. Guangzhou Zhujiang Brewery | Agricultural Bank vs. CICC Fund Management |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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