Correlation Between Agricultural Bank and Harvest Fund
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By analyzing existing cross correlation between Agricultural Bank of and Harvest Fund Management, you can compare the effects of market volatilities on Agricultural Bank and Harvest Fund 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 Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Harvest Fund.
Diversification Opportunities for Agricultural Bank and Harvest Fund
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Agricultural and Harvest is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Harvest Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harvest Fund Management 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 Harvest Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harvest Fund Management has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Harvest Fund go up and down completely randomly.
Pair Corralation between Agricultural Bank and Harvest Fund
Assuming the 90 days trading horizon Agricultural Bank is expected to generate 2.5 times less return on investment than Harvest Fund. In addition to that, Agricultural Bank is 1.58 times more volatile than Harvest Fund Management. It trades about 0.12 of its total potential returns per unit of risk. Harvest Fund Management is currently generating about 0.47 per unit of volatility. If you would invest 317.00 in Harvest Fund Management on November 4, 2024 and sell it today you would earn a total of 20.00 from holding Harvest Fund Management or generate 6.31% 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. Harvest Fund Management
Performance |
| Timeline |
| Agricultural Bank |
| Harvest Fund Management |
Agricultural Bank and Harvest Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Harvest Fund
The main advantage of trading using opposite Agricultural Bank and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Harvest Fund 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 Harvest Fund will offset losses from the drop in Harvest Fund's long position.| Agricultural Bank vs. Olympic Circuit Technology | Agricultural Bank vs. Holitech Technology Co | Agricultural Bank vs. Xiamen Bank Co | Agricultural Bank vs. Peoples Insurance of |
| Harvest Fund vs. China Everbright Bank | Harvest Fund vs. Shenwu Energy Saving | Harvest Fund vs. Bank of Suzhou | Harvest Fund vs. Lecron Energy Saving |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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