Correlation Between Agricultural Bank and Beijing Jiaman
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By analyzing existing cross correlation between Agricultural Bank of and Beijing Jiaman Dress, you can compare the effects of market volatilities on Agricultural Bank and Beijing Jiaman 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 Beijing Jiaman. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Beijing Jiaman.
Diversification Opportunities for Agricultural Bank and Beijing Jiaman
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Agricultural and Beijing is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Beijing Jiaman Dress in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Jiaman Dress 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 Beijing Jiaman. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Jiaman Dress has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Beijing Jiaman go up and down completely randomly.
Pair Corralation between Agricultural Bank and Beijing Jiaman
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.53 times more return on investment than Beijing Jiaman. However, Agricultural Bank of is 1.9 times less risky than Beijing Jiaman. It trades about 0.08 of its potential returns per unit of risk. Beijing Jiaman Dress is currently generating about 0.0 per unit of risk. If you would invest 345.00 in Agricultural Bank of on September 1, 2024 and sell it today you would earn a total of 136.00 from holding Agricultural Bank of or generate 39.42% 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. Beijing Jiaman Dress
Performance |
| Timeline |
| Agricultural Bank |
| Beijing Jiaman Dress |
Agricultural Bank and Beijing Jiaman Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Beijing Jiaman
The main advantage of trading using opposite Agricultural Bank and Beijing Jiaman positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Beijing Jiaman 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 Beijing Jiaman will offset losses from the drop in Beijing Jiaman'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 |
| Beijing Jiaman vs. Chongqing Shunbo Aluminum | Beijing Jiaman vs. Beijing Kaiwen Education | Beijing Jiaman vs. Lander Sports Development | Beijing Jiaman vs. Anhui Transport Consulting |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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