Correlation Between Agricultural Bank and Yoantion Industrial
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By analyzing existing cross correlation between Agricultural Bank of and Yoantion Industrial IncLtd, you can compare the effects of market volatilities on Agricultural Bank and Yoantion Industrial 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 Yoantion Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Yoantion Industrial.
Diversification Opportunities for Agricultural Bank and Yoantion Industrial
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Agricultural and Yoantion is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Yoantion Industrial IncLtd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yoantion Industrial 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 Yoantion Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yoantion Industrial has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Yoantion Industrial go up and down completely randomly.
Pair Corralation between Agricultural Bank and Yoantion Industrial
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.34 times more return on investment than Yoantion Industrial. However, Agricultural Bank of is 2.96 times less risky than Yoantion Industrial. It trades about 0.1 of its potential returns per unit of risk. Yoantion Industrial IncLtd is currently generating about 0.0 per unit of risk. If you would invest 343.00 in Agricultural Bank of on September 12, 2024 and sell it today you would earn a total of 162.00 from holding Agricultural Bank of or generate 47.23% 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. Yoantion Industrial IncLtd
Performance |
| Timeline |
| Agricultural Bank |
| Yoantion Industrial |
Agricultural Bank and Yoantion Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Yoantion Industrial
The main advantage of trading using opposite Agricultural Bank and Yoantion Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Yoantion Industrial 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 Yoantion Industrial will offset losses from the drop in Yoantion Industrial's long position.| Agricultural Bank vs. China Petroleum Chemical | Agricultural Bank vs. PetroChina Co Ltd | Agricultural Bank vs. China Mobile Limited | Agricultural Bank vs. Industrial and Commercial |
| Yoantion Industrial vs. Agricultural Bank of | Yoantion Industrial vs. Industrial and Commercial | Yoantion Industrial vs. Bank of China | Yoantion Industrial vs. PetroChina Co Ltd |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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