Correlation Between Agricultural Bank and Guangdong Silvere
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By analyzing existing cross correlation between Agricultural Bank of and Guangdong Silvere Sci, you can compare the effects of market volatilities on Agricultural Bank and Guangdong Silvere 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 Guangdong Silvere. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Guangdong Silvere.
Diversification Opportunities for Agricultural Bank and Guangdong Silvere
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Agricultural and Guangdong is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Guangdong Silvere Sci in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Silvere Sci 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 Guangdong Silvere. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Silvere Sci has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Guangdong Silvere go up and down completely randomly.
Pair Corralation between Agricultural Bank and Guangdong Silvere
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.47 times more return on investment than Guangdong Silvere. However, Agricultural Bank of is 2.14 times less risky than Guangdong Silvere. It trades about 0.13 of its potential returns per unit of risk. Guangdong Silvere Sci is currently generating about 0.02 per unit of risk. If you would invest 473.00 in Agricultural Bank of on October 26, 2024 and sell it today you would earn a total of 33.00 from holding Agricultural Bank of or generate 6.98% 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. Guangdong Silvere Sci
Performance |
| Timeline |
| Agricultural Bank |
| Guangdong Silvere Sci |
Agricultural Bank and Guangdong Silvere Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Guangdong Silvere
The main advantage of trading using opposite Agricultural Bank and Guangdong Silvere positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Guangdong Silvere 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 Guangdong Silvere will offset losses from the drop in Guangdong Silvere's long position.| Agricultural Bank vs. Industrial and Commercial | Agricultural Bank vs. China Construction Bank | Agricultural Bank vs. Bank of China | Agricultural Bank vs. Postal Savings Bank |
| Guangdong Silvere vs. Agricultural Bank of | Guangdong Silvere vs. China Everbright Bank | Guangdong Silvere vs. GRG Banking Equipment | Guangdong Silvere vs. Shanghai Yanpu Metal |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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