Correlation Between Agricultural Bank and Anhui Deli
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Anhui Deli Household, you can compare the effects of market volatilities on Agricultural Bank and Anhui Deli 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 Anhui Deli. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Anhui Deli.
Diversification Opportunities for Agricultural Bank and Anhui Deli
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Agricultural and Anhui is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Anhui Deli Household in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Deli Household 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 Anhui Deli. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Deli Household has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Anhui Deli go up and down completely randomly.
Pair Corralation between Agricultural Bank and Anhui Deli
Assuming the 90 days trading horizon Agricultural Bank is expected to generate 8.4 times less return on investment than Anhui Deli. But when comparing it to its historical volatility, Agricultural Bank of is 2.49 times less risky than Anhui Deli. It trades about 0.01 of its potential returns per unit of risk. Anhui Deli Household is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 476.00 in Anhui Deli Household on August 29, 2024 and sell it today you would earn a total of 12.00 from holding Anhui Deli Household or generate 2.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Anhui Deli Household
Performance |
| Timeline |
| Agricultural Bank |
| Anhui Deli Household |
Agricultural Bank and Anhui Deli Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Anhui Deli
The main advantage of trading using opposite Agricultural Bank and Anhui Deli positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Anhui Deli 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 Anhui Deli will offset losses from the drop in Anhui Deli's long position.| Agricultural Bank vs. Sinofibers Technology Co | Agricultural Bank vs. Anhui Jianghuai Automobile | Agricultural Bank vs. Uxi Unicomp Technology | Agricultural Bank vs. Jiujiang Shanshui Technology |
| Anhui Deli vs. Agricultural Bank of | Anhui Deli vs. Industrial and Commercial | Anhui Deli vs. Bank of China | Anhui Deli 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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 | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |