Correlation Between Agricultural Bank and China Great
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By analyzing existing cross correlation between Agricultural Bank of and China Great Wall, you can compare the effects of market volatilities on Agricultural Bank and China Great 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 China Great. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and China Great.
Diversification Opportunities for Agricultural Bank and China Great
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Agricultural and China is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and China Great Wall in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Great Wall 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 China Great. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Great Wall has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and China Great go up and down completely randomly.
Pair Corralation between Agricultural Bank and China Great
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.73 times more return on investment than China Great. However, Agricultural Bank of is 1.37 times less risky than China Great. It trades about 0.1 of its potential returns per unit of risk. China Great Wall is currently generating about -0.01 per unit of risk. If you would invest 274.00 in Agricultural Bank of on October 16, 2024 and sell it today you would earn a total of 229.00 from holding Agricultural Bank of or generate 83.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. China Great Wall
Performance |
| Timeline |
| Agricultural Bank |
| China Great Wall |
Agricultural Bank and China Great Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and China Great
The main advantage of trading using opposite Agricultural Bank and China Great positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, China Great 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 China Great will offset losses from the drop in China Great's long position.| Agricultural Bank vs. Shenzhen Noposion Agrochemicals | Agricultural Bank vs. Sinofibers Technology Co | Agricultural Bank vs. Digiwin Software Co | Agricultural Bank vs. Ningxia Younglight Chemicals |
| China Great vs. Elite Color Environmental | China Great vs. Anyang Iron Steel | China Great vs. Beijing Jiaman Dress | China Great vs. Penyao Environmental Protection |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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