Correlation Between Agricultural Bank and Beijing Kaiwen
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By analyzing existing cross correlation between Agricultural Bank of and Beijing Kaiwen Education, you can compare the effects of market volatilities on Agricultural Bank and Beijing Kaiwen 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 Kaiwen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Beijing Kaiwen.
Diversification Opportunities for Agricultural Bank and Beijing Kaiwen
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Agricultural and Beijing is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Beijing Kaiwen Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kaiwen Education 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 Kaiwen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kaiwen Education has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Beijing Kaiwen go up and down completely randomly.
Pair Corralation between Agricultural Bank and Beijing Kaiwen
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.22 times more return on investment than Beijing Kaiwen. However, Agricultural Bank of is 4.54 times less risky than Beijing Kaiwen. It trades about 0.05 of its potential returns per unit of risk. Beijing Kaiwen Education is currently generating about -0.07 per unit of risk. If you would invest 476.00 in Agricultural Bank of on August 29, 2024 and sell it today you would earn a total of 5.00 from holding Agricultural Bank of or generate 1.05% 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. Beijing Kaiwen Education
Performance |
| Timeline |
| Agricultural Bank |
| Beijing Kaiwen Education |
Agricultural Bank and Beijing Kaiwen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Beijing Kaiwen
The main advantage of trading using opposite Agricultural Bank and Beijing Kaiwen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Beijing Kaiwen 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 Kaiwen will offset losses from the drop in Beijing Kaiwen's long position.| Agricultural Bank vs. Spring Airlines Co | Agricultural Bank vs. Inspur Software Co | Agricultural Bank vs. Xinjiang Tianrun Dairy | Agricultural Bank vs. Jiajia Food Group |
| Beijing Kaiwen vs. Fujian Oriental Silver | Beijing Kaiwen vs. Fuzhou Rockchip Electronics | Beijing Kaiwen vs. Leyard Optoelectronic | Beijing Kaiwen vs. Puyang Huicheng Electronic |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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