Correlation Between Agricultural Bank and HanS Laser
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and HanS Laser Tech, you can compare the effects of market volatilities on Agricultural Bank and HanS Laser 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 HanS Laser. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and HanS Laser.
Diversification Opportunities for Agricultural Bank and HanS Laser
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Agricultural and HanS is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and HanS Laser Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HanS Laser Tech 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 HanS Laser. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HanS Laser Tech has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and HanS Laser go up and down completely randomly.
Pair Corralation between Agricultural Bank and HanS Laser
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.31 times more return on investment than HanS Laser. However, Agricultural Bank of is 3.27 times less risky than HanS Laser. It trades about 0.33 of its potential returns per unit of risk. HanS Laser Tech is currently generating about -0.02 per unit of risk. If you would invest 465.00 in Agricultural Bank of on September 13, 2024 and sell it today you would earn a total of 32.00 from holding Agricultural Bank of or generate 6.88% 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. HanS Laser Tech
Performance |
| Timeline |
| Agricultural Bank |
| HanS Laser Tech |
Agricultural Bank and HanS Laser Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and HanS Laser
The main advantage of trading using opposite Agricultural Bank and HanS Laser positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, HanS Laser 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 HanS Laser will offset losses from the drop in HanS Laser's long position.| Agricultural Bank vs. Industrial and Commercial | Agricultural Bank vs. China Construction Bank | Agricultural Bank vs. Bank of China | Agricultural Bank vs. PetroChina Co Ltd |
| HanS Laser vs. Industrial and Commercial | HanS Laser vs. Kweichow Moutai Co | HanS Laser vs. Agricultural Bank of | HanS Laser vs. China Mobile Limited |
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 Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| CEOs Directory Screen CEOs from public companies around the world |