Correlation Between Agricultural Bank and Beijing Bewinner
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By analyzing existing cross correlation between Agricultural Bank of and Beijing Bewinner Communications, you can compare the effects of market volatilities on Agricultural Bank and Beijing Bewinner 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 Beijing Bewinner. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Beijing Bewinner.
Diversification Opportunities for Agricultural Bank and Beijing Bewinner
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Agricultural and Beijing is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Beijing Bewinner Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Bewinner Com 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 Beijing Bewinner. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Bewinner Com has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Beijing Bewinner go up and down completely randomly.
Pair Corralation between Agricultural Bank and Beijing Bewinner
Assuming the 90 days trading horizon Agricultural Bank is expected to generate 18.38 times less return on investment than Beijing Bewinner. But when comparing it to its historical volatility, Agricultural Bank of is 3.11 times less risky than Beijing Bewinner. It trades about 0.04 of its potential returns per unit of risk. Beijing Bewinner Communications is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 561.00 in Beijing Bewinner Communications on September 2, 2024 and sell it today you would earn a total of 73.00 from holding Beijing Bewinner Communications or generate 13.01% 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. Beijing Bewinner Communication
Performance |
| Timeline |
| Agricultural Bank |
| Beijing Bewinner Com |
Agricultural Bank and Beijing Bewinner Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Beijing Bewinner
The main advantage of trading using opposite Agricultural Bank and Beijing Bewinner positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Beijing Bewinner 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 Beijing Bewinner will offset losses from the drop in Beijing Bewinner'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 |
| Beijing Bewinner vs. New China Life | Beijing Bewinner vs. Ming Yang Smart | Beijing Bewinner vs. 159681 | Beijing Bewinner vs. 159005 |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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