Correlation Between Agricultural Bank and Yili Chuanning
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By analyzing existing cross correlation between Agricultural Bank of and Yili Chuanning Biotechnology, you can compare the effects of market volatilities on Agricultural Bank and Yili Chuanning 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 Yili Chuanning. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Yili Chuanning.
Diversification Opportunities for Agricultural Bank and Yili Chuanning
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Agricultural and Yili is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Yili Chuanning Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yili Chuanning Biote 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 Yili Chuanning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yili Chuanning Biote has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Yili Chuanning go up and down completely randomly.
Pair Corralation between Agricultural Bank and Yili Chuanning
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.35 times more return on investment than Yili Chuanning. However, Agricultural Bank of is 2.87 times less risky than Yili Chuanning. It trades about 0.09 of its potential returns per unit of risk. Yili Chuanning Biotechnology is currently generating about -0.08 per unit of risk. If you would invest 473.00 in Agricultural Bank of on September 1, 2024 and sell it today you would earn a total of 8.00 from holding Agricultural Bank of or generate 1.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Yili Chuanning Biotechnology
Performance |
| Timeline |
| Agricultural Bank |
| Yili Chuanning Biote |
Agricultural Bank and Yili Chuanning Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Yili Chuanning
The main advantage of trading using opposite Agricultural Bank and Yili Chuanning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Yili Chuanning 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 Yili Chuanning will offset losses from the drop in Yili Chuanning'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 |
| Yili Chuanning vs. Agricultural Bank of | Yili Chuanning vs. GRG Banking Equipment | Yili Chuanning vs. Fiberhome Telecommunication Technologies | Yili Chuanning vs. Tongyu Communication |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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