Correlation Between Agricultural Bank and Jiangsu Jinling
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By analyzing existing cross correlation between Agricultural Bank of and Jiangsu Jinling Sports, you can compare the effects of market volatilities on Agricultural Bank and Jiangsu Jinling 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 Jiangsu Jinling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Jiangsu Jinling.
Diversification Opportunities for Agricultural Bank and Jiangsu Jinling
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Agricultural and Jiangsu is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Jiangsu Jinling Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Jinling Sports 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 Jiangsu Jinling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Jinling Sports has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Jiangsu Jinling go up and down completely randomly.
Pair Corralation between Agricultural Bank and Jiangsu Jinling
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.43 times more return on investment than Jiangsu Jinling. However, Agricultural Bank of is 2.32 times less risky than Jiangsu Jinling. It trades about 0.1 of its potential returns per unit of risk. Jiangsu Jinling Sports is currently generating about -0.02 per unit of risk. If you would invest 270.00 in Agricultural Bank of on September 5, 2024 and sell it today you would earn a total of 219.00 from holding Agricultural Bank of or generate 81.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Jiangsu Jinling Sports
Performance |
| Timeline |
| Agricultural Bank |
| Jiangsu Jinling Sports |
Agricultural Bank and Jiangsu Jinling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Jiangsu Jinling
The main advantage of trading using opposite Agricultural Bank and Jiangsu Jinling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Jiangsu Jinling 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 Jiangsu Jinling will offset losses from the drop in Jiangsu Jinling's long position.| Agricultural Bank vs. Dymatic Chemicals | Agricultural Bank vs. Sportsoul Co Ltd | Agricultural Bank vs. Do Fluoride Chemicals Co | Agricultural Bank vs. Hubeiyichang Transportation Group |
| Jiangsu Jinling vs. Spring Airlines Co | Jiangsu Jinling vs. Tianjin Capital Environmental | Jiangsu Jinling vs. Ningbo Ligong Online | Jiangsu Jinling vs. Elite Color Environmental |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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