Correlation Between Agricultural Bank and Jiangsu Yanghe
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Jiangsu Yanghe Brewery, you can compare the effects of market volatilities on Agricultural Bank and Jiangsu Yanghe 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 Jiangsu Yanghe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Jiangsu Yanghe.
Diversification Opportunities for Agricultural Bank and Jiangsu Yanghe
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Agricultural and Jiangsu is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Jiangsu Yanghe Brewery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Yanghe Brewery 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 Jiangsu Yanghe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Yanghe Brewery has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Jiangsu Yanghe go up and down completely randomly.
Pair Corralation between Agricultural Bank and Jiangsu Yanghe
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.37 times more return on investment than Jiangsu Yanghe. However, Agricultural Bank of is 2.7 times less risky than Jiangsu Yanghe. It trades about 0.15 of its potential returns per unit of risk. Jiangsu Yanghe Brewery is currently generating about 0.02 per unit of risk. If you would invest 471.00 in Agricultural Bank of on August 31, 2024 and sell it today you would earn a total of 14.00 from holding Agricultural Bank of or generate 2.97% 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. Jiangsu Yanghe Brewery
Performance |
| Timeline |
| Agricultural Bank |
| Jiangsu Yanghe Brewery |
Agricultural Bank and Jiangsu Yanghe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Jiangsu Yanghe
The main advantage of trading using opposite Agricultural Bank and Jiangsu Yanghe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Jiangsu Yanghe 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 Jiangsu Yanghe will offset losses from the drop in Jiangsu Yanghe's long position.| Agricultural Bank vs. Zoy Home Furnishing | Agricultural Bank vs. Oppein Home Group | Agricultural Bank vs. Southchip Semiconductor Technology | Agricultural Bank vs. Suofeiya Home Collection |
| Jiangsu Yanghe vs. Lutian Machinery Co | Jiangsu Yanghe vs. PetroChina Co Ltd | Jiangsu Yanghe vs. Bank of China | Jiangsu Yanghe vs. Gansu Jiu Steel |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |