Correlation Between Chengdu B and Agricultural Bank
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By analyzing existing cross correlation between Chengdu B ray Media and Agricultural Bank of, you can compare the effects of market volatilities on Chengdu B 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 Chengdu B with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu B and Agricultural Bank.
Diversification Opportunities for Chengdu B and Agricultural Bank
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Chengdu and Agricultural is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu B ray Media and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Chengdu B 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 Chengdu B ray Media 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 Chengdu B i.e., Chengdu B and Agricultural Bank go up and down completely randomly.
Pair Corralation between Chengdu B and Agricultural Bank
Assuming the 90 days trading horizon Chengdu B ray Media is expected to under-perform the Agricultural Bank. In addition to that, Chengdu B is 2.22 times more volatile than Agricultural Bank of. It trades about -0.01 of its total potential returns per unit of risk. Agricultural Bank of is currently generating about 0.1 per unit of volatility. If you would invest 356.00 in Agricultural Bank of on September 2, 2024 and sell it today you would earn a total of 125.00 from holding Agricultural Bank of or generate 35.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu B ray Media vs. Agricultural Bank of
Performance |
| Timeline |
| Chengdu B ray |
| Agricultural Bank |
Chengdu B and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu B and Agricultural Bank
The main advantage of trading using opposite Chengdu B and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu B 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.| Chengdu B vs. Kunshan Guoli Electronic | Chengdu B vs. Chison Medical Technologies | Chengdu B vs. Xian International Medical | Chengdu B vs. Shenzhen Glory Medical |
| Agricultural Bank vs. Fujian Longzhou Transportation | Agricultural Bank vs. Xinjiang Baodi Mining | Agricultural Bank vs. Shengda Mining Co | Agricultural Bank vs. Western Metal Materials |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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