Correlation Between Agricultural Bank and Beijing SPC
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By analyzing existing cross correlation between Agricultural Bank of and Beijing SPC Environment, you can compare the effects of market volatilities on Agricultural Bank and Beijing SPC 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 SPC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Beijing SPC.
Diversification Opportunities for Agricultural Bank and Beijing SPC
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Agricultural and Beijing is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Beijing SPC Environment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing SPC Environment 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 SPC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing SPC Environment has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Beijing SPC go up and down completely randomly.
Pair Corralation between Agricultural Bank and Beijing SPC
Assuming the 90 days trading horizon Agricultural Bank is expected to generate 7.2 times less return on investment than Beijing SPC. But when comparing it to its historical volatility, Agricultural Bank of is 1.97 times less risky than Beijing SPC. It trades about 0.05 of its potential returns per unit of risk. Beijing SPC Environment is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 417.00 in Beijing SPC Environment on September 4, 2024 and sell it today you would earn a total of 27.00 from holding Beijing SPC Environment or generate 6.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Beijing SPC Environment
Performance |
| Timeline |
| Agricultural Bank |
| Beijing SPC Environment |
Agricultural Bank and Beijing SPC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Beijing SPC
The main advantage of trading using opposite Agricultural Bank and Beijing SPC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Beijing SPC 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 SPC will offset losses from the drop in Beijing SPC's long position.| Agricultural Bank vs. Liaoning Chengda Biotechnology | Agricultural Bank vs. Harvest Fund Management | Agricultural Bank vs. Guangzhou Zhujiang Brewery | Agricultural Bank vs. CICC Fund Management |
| Beijing SPC vs. Agricultural Bank of | Beijing SPC vs. Industrial and Commercial | Beijing SPC vs. Bank of China | Beijing SPC 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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