Correlation Between Agricultural Bank and Jointo Energy
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Jointo Energy Investment, you can compare the effects of market volatilities on Agricultural Bank and Jointo Energy 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 Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Jointo Energy.
Diversification Opportunities for Agricultural Bank and Jointo Energy
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Agricultural and Jointo is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Jointo Energy Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jointo Energy Investment 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 Jointo Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jointo Energy Investment has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Jointo Energy go up and down completely randomly.
Pair Corralation between Agricultural Bank and Jointo Energy
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.54 times more return on investment than Jointo Energy. However, Agricultural Bank of is 1.86 times less risky than Jointo Energy. It trades about 0.1 of its potential returns per unit of risk. Jointo Energy Investment is currently generating about 0.01 per unit of risk. If you would invest 275.00 in Agricultural Bank of on September 1, 2024 and sell it today you would earn a total of 206.00 from holding Agricultural Bank of or generate 74.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Jointo Energy Investment
Performance |
| Timeline |
| Agricultural Bank |
| Jointo Energy Investment |
Agricultural Bank and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Jointo Energy
The main advantage of trading using opposite Agricultural Bank and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Jointo Energy 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 Jointo Energy will offset losses from the drop in Jointo Energy's long position.| Agricultural Bank vs. China State Construction | Agricultural Bank vs. China Railway Group | Agricultural Bank vs. China Railway Construction | Agricultural Bank vs. China Mobile Limited |
| Jointo Energy vs. Chengdu Kanghua Biological | Jointo Energy vs. Beijing Wantai Biological | Jointo Energy vs. Suzhou Novoprotein Scientific | Jointo Energy vs. Aluminum Corp of |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |