Correlation Between Agricultural Bank and Jiangnan Mould
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By analyzing existing cross correlation between Agricultural Bank of and Jiangnan Mould Plastic, you can compare the effects of market volatilities on Agricultural Bank and Jiangnan Mould 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 Jiangnan Mould. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Jiangnan Mould.
Diversification Opportunities for Agricultural Bank and Jiangnan Mould
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Agricultural and Jiangnan is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Jiangnan Mould Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangnan Mould Plastic 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 Jiangnan Mould. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangnan Mould Plastic has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Jiangnan Mould go up and down completely randomly.
Pair Corralation between Agricultural Bank and Jiangnan Mould
Assuming the 90 days trading horizon Agricultural Bank is expected to generate 9.3 times less return on investment than Jiangnan Mould. But when comparing it to its historical volatility, Agricultural Bank of is 1.99 times less risky than Jiangnan Mould. It trades about 0.03 of its potential returns per unit of risk. Jiangnan Mould Plastic is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 566.00 in Jiangnan Mould Plastic on September 2, 2024 and sell it today you would earn a total of 179.00 from holding Jiangnan Mould Plastic or generate 31.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Jiangnan Mould Plastic
Performance |
| Timeline |
| Agricultural Bank |
| Jiangnan Mould Plastic |
Agricultural Bank and Jiangnan Mould Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Jiangnan Mould
The main advantage of trading using opposite Agricultural Bank and Jiangnan Mould positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Jiangnan Mould 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 Jiangnan Mould will offset losses from the drop in Jiangnan Mould's long position.| Agricultural Bank vs. Fujian Longzhou Transportation | Agricultural Bank vs. Xinjiang Baodi Mining | Agricultural Bank vs. Shengda Mining Co | Agricultural Bank vs. Western Metal Materials |
| Jiangnan Mould vs. BYD Co Ltd | Jiangnan Mould vs. China Mobile Limited | Jiangnan Mould vs. Agricultural Bank of | Jiangnan Mould vs. Industrial and Commercial |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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