Correlation Between Agricultural Bank and Focus Media
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Focus Media Information, you can compare the effects of market volatilities on Agricultural Bank and Focus Media 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 Focus Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Focus Media.
Diversification Opportunities for Agricultural Bank and Focus Media
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Agricultural and Focus is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Focus Media Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Focus Media Information 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 Focus Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Focus Media Information has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Focus Media go up and down completely randomly.
Pair Corralation between Agricultural Bank and Focus Media
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.67 times more return on investment than Focus Media. However, Agricultural Bank of is 1.49 times less risky than Focus Media. It trades about 0.05 of its potential returns per unit of risk. Focus Media Information is currently generating about -0.26 per unit of risk. If you would invest 476.00 in Agricultural Bank of on August 29, 2024 and sell it today you would earn a total of 5.00 from holding Agricultural Bank of or generate 1.05% 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. Focus Media Information
Performance |
| Timeline |
| Agricultural Bank |
| Focus Media Information |
Agricultural Bank and Focus Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Focus Media
The main advantage of trading using opposite Agricultural Bank and Focus Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Focus Media 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 Focus Media will offset losses from the drop in Focus Media's long position.| Agricultural Bank vs. Spring Airlines Co | Agricultural Bank vs. Inspur Software Co | Agricultural Bank vs. Xinjiang Tianrun Dairy | Agricultural Bank vs. Jiajia Food Group |
| Focus Media vs. Agricultural Bank of | Focus Media vs. Industrial and Commercial | Focus Media vs. Bank of China | Focus Media vs. China Construction Bank |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |