Correlation Between Agricultural Bank and State Grid
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and State Grid InformationCommunication, you can compare the effects of market volatilities on Agricultural Bank and State Grid 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 State Grid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and State Grid.
Diversification Opportunities for Agricultural Bank and State Grid
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Agricultural and State is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and State Grid InformationCommunic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on State Grid Informati 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 State Grid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of State Grid Informati has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and State Grid go up and down completely randomly.
Pair Corralation between Agricultural Bank and State Grid
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.46 times more return on investment than State Grid. However, Agricultural Bank of is 2.18 times less risky than State Grid. It trades about 0.08 of its potential returns per unit of risk. State Grid InformationCommunication is currently generating about 0.03 per unit of risk. If you would invest 344.00 in Agricultural Bank of on September 2, 2024 and sell it today you would earn a total of 137.00 from holding Agricultural Bank of or generate 39.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. State Grid InformationCommunic
Performance |
| Timeline |
| Agricultural Bank |
| State Grid Informati |
Agricultural Bank and State Grid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and State Grid
The main advantage of trading using opposite Agricultural Bank and State Grid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, State Grid 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 State Grid will offset losses from the drop in State Grid's long position.| Agricultural Bank vs. Fujian Longzhou Transportation | Agricultural Bank vs. Xinjiang Baodi Mining | Agricultural Bank vs. Shengda Mining Co | Agricultural Bank vs. Western Metal Materials |
| State Grid vs. Tibet Huayu Mining | State Grid vs. China Sports Industry | State Grid vs. Shandong Mining Machinery | State Grid vs. Qingdao Choho Industrial |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |