Correlation Between Agricultural Bank and Zotye Automobile
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Zotye Automobile Co, you can compare the effects of market volatilities on Agricultural Bank and Zotye 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 Zotye Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Zotye Automobile.
Diversification Opportunities for Agricultural Bank and Zotye Automobile
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Agricultural and Zotye is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Zotye Automobile Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zotye 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 Zotye Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zotye Automobile has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Zotye Automobile go up and down completely randomly.
Pair Corralation between Agricultural Bank and Zotye Automobile
Assuming the 90 days trading horizon Agricultural Bank of is expected to under-perform the Zotye Automobile. But the stock apears to be less risky and, when comparing its historical volatility, Agricultural Bank of is 2.73 times less risky than Zotye Automobile. The stock trades about -0.02 of its potential returns per unit of risk. The Zotye Automobile Co is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 204.00 in Zotye Automobile Co on November 27, 2024 and sell it today you would earn a total of 16.00 from holding Zotye Automobile Co or generate 7.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Zotye Automobile Co
Performance |
| Timeline |
| Agricultural Bank |
| Zotye Automobile |
Agricultural Bank and Zotye Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Zotye Automobile
The main advantage of trading using opposite Agricultural Bank and Zotye Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Zotye 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 Zotye Automobile will offset losses from the drop in Zotye Automobile's long position.| Agricultural Bank vs. Glodon Software Co | Agricultural Bank vs. Will Semiconductor Co | Agricultural Bank vs. Hubei Tech Semiconductors | Agricultural Bank vs. GigaDevice SemiconductorBeiji |
| Zotye Automobile vs. Dhc Software Co | Zotye Automobile vs. YiDong Electronics Technology | Zotye Automobile vs. LianChuang Electronic Technology | Zotye Automobile vs. Circuit Fabology Microelectronics |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |