Correlation Between Agricultural Bank and Advanced Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Advanced Technology Materials, you can compare the effects of market volatilities on Agricultural Bank and Advanced Technology 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 Advanced Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Advanced Technology.
Diversification Opportunities for Agricultural Bank and Advanced Technology
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Agricultural and Advanced is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Advanced Technology Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Advanced Technology 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 Advanced Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Advanced Technology has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Advanced Technology go up and down completely randomly.
Pair Corralation between Agricultural Bank and Advanced Technology
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.54 times more return on investment than Advanced Technology. However, Agricultural Bank of is 1.84 times less risky than Advanced Technology. It trades about 0.1 of its potential returns per unit of risk. Advanced Technology Materials is currently generating about 0.04 per unit of risk. If you would invest 270.00 in Agricultural Bank of on September 3, 2024 and sell it today you would earn a total of 211.00 from holding Agricultural Bank of or generate 78.15% 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. Advanced Technology Materials
Performance |
| Timeline |
| Agricultural Bank |
| Advanced Technology |
Agricultural Bank and Advanced Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Advanced Technology
The main advantage of trading using opposite Agricultural Bank and Advanced Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Advanced Technology 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 Advanced Technology will offset losses from the drop in Advanced Technology's long position.| Agricultural Bank vs. Kunwu Jiuding Investment | Agricultural Bank vs. Harbin Hatou Investment | Agricultural Bank vs. Dazhong Transportation Group | Agricultural Bank vs. Metro Investment Development |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Global Correlations Find global opportunities by holding instruments from different markets |