Correlation Between Agricultural Bank and Shijiazhuang Yiling
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By analyzing existing cross correlation between Agricultural Bank of and Shijiazhuang Yiling Pharmaceutical, you can compare the effects of market volatilities on Agricultural Bank and Shijiazhuang Yiling 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 Shijiazhuang Yiling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Shijiazhuang Yiling.
Diversification Opportunities for Agricultural Bank and Shijiazhuang Yiling
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Agricultural and Shijiazhuang is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Shijiazhuang Yiling Pharmaceut in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shijiazhuang Yiling 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 Shijiazhuang Yiling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shijiazhuang Yiling has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Shijiazhuang Yiling go up and down completely randomly.
Pair Corralation between Agricultural Bank and Shijiazhuang Yiling
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.63 times more return on investment than Shijiazhuang Yiling. However, Agricultural Bank of is 1.6 times less risky than Shijiazhuang Yiling. It trades about 0.37 of its potential returns per unit of risk. Shijiazhuang Yiling Pharmaceutical is currently generating about -0.16 per unit of risk. If you would invest 469.00 in Agricultural Bank of on September 12, 2024 and sell it today you would earn a total of 36.00 from holding Agricultural Bank of or generate 7.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Agricultural Bank of vs. Shijiazhuang Yiling Pharmaceut
Performance |
| Timeline |
| Agricultural Bank |
| Shijiazhuang Yiling |
Agricultural Bank and Shijiazhuang Yiling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Shijiazhuang Yiling
The main advantage of trading using opposite Agricultural Bank and Shijiazhuang Yiling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Shijiazhuang Yiling 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 Shijiazhuang Yiling will offset losses from the drop in Shijiazhuang Yiling's long position.| Agricultural Bank vs. China Petroleum Chemical | Agricultural Bank vs. PetroChina Co Ltd | Agricultural Bank vs. China Mobile Limited | Agricultural Bank vs. Industrial and Commercial |
| Shijiazhuang Yiling vs. Inly Media Co | Shijiazhuang Yiling vs. Time Publishing and | Shijiazhuang Yiling vs. Northern United Publishing | Shijiazhuang Yiling vs. Keda Clean Energy |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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