Correlation Between Agricultural Bank and Haima Automobile
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By analyzing existing cross correlation between Agricultural Bank of and Haima Automobile Group, you can compare the effects of market volatilities on Agricultural Bank and Haima Automobile 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 Agricultural Bank with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Haima Automobile.
Diversification Opportunities for Agricultural Bank and Haima Automobile
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Agricultural and Haima is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Agricultural Bank 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 Agricultural Bank of are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Haima Automobile go up and down completely randomly.
Pair Corralation between Agricultural Bank and Haima Automobile
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.25 times more return on investment than Haima Automobile. However, Agricultural Bank of is 4.06 times less risky than Haima Automobile. It trades about 0.37 of its potential returns per unit of risk. Haima Automobile Group is currently generating about -0.11 per unit of risk. If you would invest 469.00 in Agricultural Bank of on September 12, 2024 and sell it today you would earn a total of 36.00 from holding Agricultural Bank of or generate 7.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Haima Automobile Group
Performance |
| Timeline |
| Agricultural Bank |
| Haima Automobile |
Agricultural Bank and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Haima Automobile
The main advantage of trading using opposite Agricultural Bank and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Agricultural Bank vs. China Petroleum Chemical | Agricultural Bank vs. PetroChina Co Ltd | Agricultural Bank vs. China Mobile Limited | Agricultural Bank vs. Industrial and Commercial |
| Haima Automobile vs. Lutian Machinery Co | Haima Automobile vs. PetroChina Co Ltd | Haima Automobile vs. Bank of China | Haima Automobile vs. Gansu Jiu Steel |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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