Correlation Between Agricultural Bank and COL Digital
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By analyzing existing cross correlation between Agricultural Bank of and COL Digital Publishing, you can compare the effects of market volatilities on Agricultural Bank and COL Digital 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 COL Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and COL Digital.
Diversification Opportunities for Agricultural Bank and COL Digital
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Agricultural and COL is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and COL Digital Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COL Digital Publishing 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 COL Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COL Digital Publishing has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and COL Digital go up and down completely randomly.
Pair Corralation between Agricultural Bank and COL Digital
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.21 times more return on investment than COL Digital. However, Agricultural Bank of is 4.86 times less risky than COL Digital. It trades about -0.16 of its potential returns per unit of risk. COL Digital Publishing is currently generating about -0.1 per unit of risk. If you would invest 487.00 in Agricultural Bank of on August 25, 2024 and sell it today you would lose (17.00) from holding Agricultural Bank of or give up 3.49% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. COL Digital Publishing
Performance |
| Timeline |
| Agricultural Bank |
| COL Digital Publishing |
Agricultural Bank and COL Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and COL Digital
The main advantage of trading using opposite Agricultural Bank and COL Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, COL Digital 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 COL Digital will offset losses from the drop in COL Digital'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 |
| COL Digital vs. Industrial and Commercial | COL Digital vs. Agricultural Bank of | COL Digital vs. China Construction Bank | COL Digital vs. Bank of China |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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