Correlation Between Agricultural Bank and Wonders Information
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By analyzing existing cross correlation between Agricultural Bank of and Wonders Information, you can compare the effects of market volatilities on Agricultural Bank and Wonders Information 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 Wonders Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Wonders Information.
Diversification Opportunities for Agricultural Bank and Wonders Information
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Agricultural and Wonders is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Wonders Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wonders Information 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 Wonders Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wonders Information has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Wonders Information go up and down completely randomly.
Pair Corralation between Agricultural Bank and Wonders Information
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.31 times more return on investment than Wonders Information. However, Agricultural Bank of is 3.25 times less risky than Wonders Information. It trades about 0.11 of its potential returns per unit of risk. Wonders Information is currently generating about 0.02 per unit of risk. If you would invest 355.00 in Agricultural Bank of on September 4, 2024 and sell it today you would earn a total of 134.00 from holding Agricultural Bank of or generate 37.75% 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. Wonders Information
Performance |
Timeline |
Agricultural Bank |
Wonders Information |
Agricultural Bank and Wonders Information Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Agricultural Bank and Wonders Information
The main advantage of trading using opposite Agricultural Bank and Wonders Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Wonders Information 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 Wonders Information will offset losses from the drop in Wonders Information's long position.Agricultural Bank vs. Liaoning Chengda Biotechnology | Agricultural Bank vs. Harvest Fund Management | Agricultural Bank vs. Guangzhou Zhujiang Brewery | Agricultural Bank vs. CICC Fund Management |
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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