Correlation Between Agricultural Bank and Marssenger Kitchenware
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By analyzing existing cross correlation between Agricultural Bank of and Marssenger Kitchenware Co, you can compare the effects of market volatilities on Agricultural Bank and Marssenger Kitchenware 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 Marssenger Kitchenware. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Marssenger Kitchenware.
Diversification Opportunities for Agricultural Bank and Marssenger Kitchenware
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Agricultural and Marssenger is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Marssenger Kitchenware Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marssenger Kitchenware 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 Marssenger Kitchenware. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marssenger Kitchenware has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Marssenger Kitchenware go up and down completely randomly.
Pair Corralation between Agricultural Bank and Marssenger Kitchenware
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.33 times more return on investment than Marssenger Kitchenware. However, Agricultural Bank of is 2.99 times less risky than Marssenger Kitchenware. It trades about 0.05 of its potential returns per unit of risk. Marssenger Kitchenware Co is currently generating about -0.14 per unit of risk. If you would invest 476.00 in Agricultural Bank of on August 29, 2024 and sell it today you would earn a total of 5.00 from holding Agricultural Bank of or generate 1.05% 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. Marssenger Kitchenware Co
Performance |
| Timeline |
| Agricultural Bank |
| Marssenger Kitchenware |
Agricultural Bank and Marssenger Kitchenware Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Marssenger Kitchenware
The main advantage of trading using opposite Agricultural Bank and Marssenger Kitchenware positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Marssenger Kitchenware 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 Marssenger Kitchenware will offset losses from the drop in Marssenger Kitchenware's long position.| Agricultural Bank vs. Sinofibers Technology Co | Agricultural Bank vs. Anhui Jianghuai Automobile | Agricultural Bank vs. Uxi Unicomp Technology | Agricultural Bank vs. Jiujiang Shanshui Technology |
| Marssenger Kitchenware vs. Agricultural Bank of | Marssenger Kitchenware vs. Industrial and Commercial | Marssenger Kitchenware vs. Bank of China | Marssenger Kitchenware vs. China Construction Bank |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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