Correlation Between Agricultural Bank and Yunnan Chuangxin
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By analyzing existing cross correlation between Agricultural Bank of and Yunnan Chuangxin New, you can compare the effects of market volatilities on Agricultural Bank and Yunnan Chuangxin 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 Yunnan Chuangxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Yunnan Chuangxin.
Diversification Opportunities for Agricultural Bank and Yunnan Chuangxin
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Agricultural and Yunnan is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Yunnan Chuangxin New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Chuangxin New 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 Yunnan Chuangxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Chuangxin New has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Yunnan Chuangxin go up and down completely randomly.
Pair Corralation between Agricultural Bank and Yunnan Chuangxin
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.7 times more return on investment than Yunnan Chuangxin. However, Agricultural Bank of is 1.43 times less risky than Yunnan Chuangxin. It trades about -0.16 of its potential returns per unit of risk. Yunnan Chuangxin New is currently generating about -0.26 per unit of risk. If you would invest 531.00 in Agricultural Bank of on October 28, 2024 and sell it today you would lose (27.00) from holding Agricultural Bank of or give up 5.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Yunnan Chuangxin New
Performance |
| Timeline |
| Agricultural Bank |
| Yunnan Chuangxin New |
Agricultural Bank and Yunnan Chuangxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Yunnan Chuangxin
The main advantage of trading using opposite Agricultural Bank and Yunnan Chuangxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Yunnan Chuangxin 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 Yunnan Chuangxin will offset losses from the drop in Yunnan Chuangxin's long position.| Agricultural Bank vs. Lotus Health Group | Agricultural Bank vs. Mingchen Health Co | Agricultural Bank vs. Huaxia Fund Management | Agricultural Bank vs. Heren Health Co |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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