Correlation Between Agricultural Bank and Yes Optoelectronics
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Yes Optoelectronics Co, you can compare the effects of market volatilities on Agricultural Bank and Yes Optoelectronics 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 Yes Optoelectronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Yes Optoelectronics.
Diversification Opportunities for Agricultural Bank and Yes Optoelectronics
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Agricultural and Yes is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Yes Optoelectronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yes Optoelectronics 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 Yes Optoelectronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yes Optoelectronics has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Yes Optoelectronics go up and down completely randomly.
Pair Corralation between Agricultural Bank and Yes Optoelectronics
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.28 times more return on investment than Yes Optoelectronics. However, Agricultural Bank of is 3.53 times less risky than Yes Optoelectronics. It trades about 0.02 of its potential returns per unit of risk. Yes Optoelectronics Co is currently generating about -0.02 per unit of risk. If you would invest 503.00 in Agricultural Bank of on October 14, 2024 and sell it today you would earn a total of 7.00 from holding Agricultural Bank of or generate 1.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Yes Optoelectronics Co
Performance |
| Timeline |
| Agricultural Bank |
| Yes Optoelectronics |
Agricultural Bank and Yes Optoelectronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Yes Optoelectronics
The main advantage of trading using opposite Agricultural Bank and Yes Optoelectronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Yes Optoelectronics 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 Yes Optoelectronics will offset losses from the drop in Yes Optoelectronics' long position.| Agricultural Bank vs. Sublime China Information | Agricultural Bank vs. Tongyu Communication | Agricultural Bank vs. Invengo Information Technology | Agricultural Bank vs. Qiming Information Technology |
| Yes Optoelectronics vs. Sihui Fuji Electronics | Yes Optoelectronics vs. Shengda Mining Co | Yes Optoelectronics vs. Hainan Mining Co | Yes Optoelectronics vs. Integrated Electronic Systems |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |