Correlation Between Agricultural Bank and Heren Health
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By analyzing existing cross correlation between Agricultural Bank of and Heren Health Co, you can compare the effects of market volatilities on Agricultural Bank and Heren Health 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 Heren Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Heren Health.
Diversification Opportunities for Agricultural Bank and Heren Health
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Agricultural and Heren is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Heren Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heren Health 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 Heren Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heren Health has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Heren Health go up and down completely randomly.
Pair Corralation between Agricultural Bank and Heren Health
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.3 times more return on investment than Heren Health. However, Agricultural Bank of is 3.36 times less risky than Heren Health. It trades about 0.09 of its potential returns per unit of risk. Heren Health Co is currently generating about 0.02 per unit of risk. If you would invest 358.00 in Agricultural Bank of on September 1, 2024 and sell it today you would earn a total of 123.00 from holding Agricultural Bank of or generate 34.36% 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. Heren Health Co
Performance |
| Timeline |
| Agricultural Bank |
| Heren Health |
Agricultural Bank and Heren Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Heren Health
The main advantage of trading using opposite Agricultural Bank and Heren Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Heren Health 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 Heren Health will offset losses from the drop in Heren Health's long position.| Agricultural Bank vs. China State Construction | Agricultural Bank vs. China Railway Group | Agricultural Bank vs. China Railway Construction | Agricultural Bank vs. China Mobile Limited |
| Heren Health vs. Chengdu Kanghua Biological | Heren Health vs. Beijing Wantai Biological | Heren Health vs. Aluminum Corp of | Heren Health vs. COL Digital Publishing |
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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