Correlation Between Jiangsu Broadcasting and Agricultural Bank
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By analyzing existing cross correlation between Jiangsu Broadcasting Cable and Agricultural Bank of, you can compare the effects of market volatilities on Jiangsu Broadcasting 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 Jiangsu Broadcasting with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Broadcasting and Agricultural Bank.
Diversification Opportunities for Jiangsu Broadcasting and Agricultural Bank
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jiangsu and Agricultural is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Broadcasting Cable and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Jiangsu Broadcasting 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 Jiangsu Broadcasting Cable 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 Jiangsu Broadcasting i.e., Jiangsu Broadcasting and Agricultural Bank go up and down completely randomly.
Pair Corralation between Jiangsu Broadcasting and Agricultural Bank
Assuming the 90 days trading horizon Jiangsu Broadcasting Cable is expected to under-perform the Agricultural Bank. In addition to that, Jiangsu Broadcasting is 1.31 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 0.06 per unit of volatility. If you would invest 365.00 in Agricultural Bank of on August 29, 2024 and sell it today you would earn a total of 116.00 from holding Agricultural Bank of or generate 31.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Broadcasting Cable vs. Agricultural Bank of
Performance |
| Timeline |
| Jiangsu Broadcasting |
| Agricultural Bank |
Jiangsu Broadcasting and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Broadcasting and Agricultural Bank
The main advantage of trading using opposite Jiangsu Broadcasting and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Broadcasting 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.| Jiangsu Broadcasting vs. Industrial and Commercial | Jiangsu Broadcasting vs. Agricultural Bank of | Jiangsu Broadcasting vs. China Construction Bank | Jiangsu Broadcasting vs. Bank of China |
| Agricultural Bank vs. Spring Airlines Co | Agricultural Bank vs. Inspur Software Co | Agricultural Bank vs. Xinjiang Tianrun Dairy | Agricultural Bank vs. Jiajia Food Group |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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