Correlation Between Luoyang Glass and Agricultural Bank
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By analyzing existing cross correlation between Luoyang Glass and Agricultural Bank of, you can compare the effects of market volatilities on Luoyang Glass 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 Luoyang Glass with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Luoyang Glass and Agricultural Bank.
Diversification Opportunities for Luoyang Glass and Agricultural Bank
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Luoyang and Agricultural is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Luoyang Glass and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Luoyang Glass 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 Luoyang Glass 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 Luoyang Glass i.e., Luoyang Glass and Agricultural Bank go up and down completely randomly.
Pair Corralation between Luoyang Glass and Agricultural Bank
Assuming the 90 days trading horizon Luoyang Glass is expected to under-perform the Agricultural Bank. In addition to that, Luoyang Glass is 1.89 times more volatile than Agricultural Bank of. It trades about -0.06 of its total potential returns per unit of risk. Agricultural Bank of is currently generating about 0.33 per unit of volatility. If you would invest 465.00 in Agricultural Bank of on September 13, 2024 and sell it today you would earn a total of 32.00 from holding Agricultural Bank of or generate 6.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Luoyang Glass vs. Agricultural Bank of
Performance |
| Timeline |
| Luoyang Glass |
| Agricultural Bank |
Luoyang Glass and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Luoyang Glass and Agricultural Bank
The main advantage of trading using opposite Luoyang Glass and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Luoyang Glass 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.| Luoyang Glass vs. Kingclean Electric Co | Luoyang Glass vs. Jinyu Bio Technology Co | Luoyang Glass vs. Iat Automobile Technology | Luoyang Glass vs. Linewell Software Co |
| 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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