Correlation Between Agricultural Bank and Runjian Communication
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By analyzing existing cross correlation between Agricultural Bank of and Runjian Communication Co, you can compare the effects of market volatilities on Agricultural Bank and Runjian Communication 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 Runjian Communication. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Runjian Communication.
Diversification Opportunities for Agricultural Bank and Runjian Communication
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Agricultural and Runjian is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Runjian Communication Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Runjian Communication 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 Runjian Communication. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Runjian Communication has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Runjian Communication go up and down completely randomly.
Pair Corralation between Agricultural Bank and Runjian Communication
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.41 times more return on investment than Runjian Communication. However, Agricultural Bank of is 2.45 times less risky than Runjian Communication. It trades about 0.1 of its potential returns per unit of risk. Runjian Communication Co is currently generating about 0.0 per unit of risk. If you would invest 271.00 in Agricultural Bank of on August 25, 2024 and sell it today you would earn a total of 199.00 from holding Agricultural Bank of or generate 73.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Runjian Communication Co
Performance |
| Timeline |
| Agricultural Bank |
| Runjian Communication |
Agricultural Bank and Runjian Communication Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Runjian Communication
The main advantage of trading using opposite Agricultural Bank and Runjian Communication positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Runjian Communication 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 Runjian Communication will offset losses from the drop in Runjian Communication's long position.| Agricultural Bank vs. Road Environment Technology | Agricultural Bank vs. Anhui Deli Household | Agricultural Bank vs. Jiangsu Broadcasting Cable | Agricultural Bank vs. Chahua Modern Housewares |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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