Correlation Between Agricultural Bank and XinJiang GuoTong
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and XinJiang GuoTong Pipeline, you can compare the effects of market volatilities on Agricultural Bank and XinJiang GuoTong 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 XinJiang GuoTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and XinJiang GuoTong.
Diversification Opportunities for Agricultural Bank and XinJiang GuoTong
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Agricultural and XinJiang is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and XinJiang GuoTong Pipeline in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XinJiang GuoTong Pipeline 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 XinJiang GuoTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XinJiang GuoTong Pipeline has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and XinJiang GuoTong go up and down completely randomly.
Pair Corralation between Agricultural Bank and XinJiang GuoTong
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.35 times more return on investment than XinJiang GuoTong. However, Agricultural Bank of is 2.89 times less risky than XinJiang GuoTong. It trades about 0.09 of its potential returns per unit of risk. XinJiang GuoTong Pipeline is currently generating about -0.01 per unit of risk. If you would invest 473.00 in Agricultural Bank of on September 1, 2024 and sell it today you would earn a total of 8.00 from holding Agricultural Bank of or generate 1.69% 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. XinJiang GuoTong Pipeline
Performance |
| Timeline |
| Agricultural Bank |
| XinJiang GuoTong Pipeline |
Agricultural Bank and XinJiang GuoTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and XinJiang GuoTong
The main advantage of trading using opposite Agricultural Bank and XinJiang GuoTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, XinJiang GuoTong 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 XinJiang GuoTong will offset losses from the drop in XinJiang GuoTong's long position.| Agricultural Bank vs. China State Construction | Agricultural Bank vs. China Railway Group | Agricultural Bank vs. China Railway Construction | Agricultural Bank vs. China Mobile Limited |
| XinJiang GuoTong vs. Industrial and Commercial | XinJiang GuoTong vs. Agricultural Bank of | XinJiang GuoTong vs. China Construction Bank | XinJiang GuoTong vs. Bank of China |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| 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 | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |