Correlation Between Agricultural Bank and Kangping Technology
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By analyzing existing cross correlation between Agricultural Bank of and Kangping Technology Co, you can compare the effects of market volatilities on Agricultural Bank and Kangping Technology 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 Kangping Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Kangping Technology.
Diversification Opportunities for Agricultural Bank and Kangping Technology
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Agricultural and Kangping is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Kangping Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kangping Technology 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 Kangping Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kangping Technology has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Kangping Technology go up and down completely randomly.
Pair Corralation between Agricultural Bank and Kangping Technology
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.42 times more return on investment than Kangping Technology. However, Agricultural Bank of is 2.4 times less risky than Kangping Technology. It trades about 0.28 of its potential returns per unit of risk. Kangping Technology Co is currently generating about 0.06 per unit of risk. If you would invest 480.00 in Agricultural Bank of on September 19, 2024 and sell it today you would earn a total of 30.00 from holding Agricultural Bank of or generate 6.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Kangping Technology Co
Performance |
| Timeline |
| Agricultural Bank |
| Kangping Technology |
Agricultural Bank and Kangping Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Kangping Technology
The main advantage of trading using opposite Agricultural Bank and Kangping Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Kangping Technology 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 Kangping Technology will offset losses from the drop in Kangping Technology's long position.| Agricultural Bank vs. Industrial and Commercial | Agricultural Bank vs. China Construction Bank | Agricultural Bank vs. Bank of China | Agricultural Bank vs. PetroChina Co Ltd |
| Kangping Technology vs. Industrial and Commercial | Kangping Technology vs. Agricultural Bank of | Kangping Technology vs. China Construction Bank | Kangping Technology 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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