Correlation Between Agricultural Bank and ButOne Information
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By analyzing existing cross correlation between Agricultural Bank of and ButOne Information Corp, you can compare the effects of market volatilities on Agricultural Bank and ButOne Information 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 ButOne Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and ButOne Information.
Diversification Opportunities for Agricultural Bank and ButOne Information
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Agricultural and ButOne is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and ButOne Information Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ButOne Information Corp 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 ButOne Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ButOne Information Corp has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and ButOne Information go up and down completely randomly.
Pair Corralation between Agricultural Bank and ButOne Information
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.3 times more return on investment than ButOne Information. However, Agricultural Bank of is 3.34 times less risky than ButOne Information. It trades about 0.09 of its potential returns per unit of risk. ButOne Information Corp is currently generating about -0.06 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. ButOne Information Corp
Performance |
| Timeline |
| Agricultural Bank |
| ButOne Information Corp |
Agricultural Bank and ButOne Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and ButOne Information
The main advantage of trading using opposite Agricultural Bank and ButOne Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, ButOne Information 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 ButOne Information will offset losses from the drop in ButOne Information'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 |
| ButOne Information vs. Cambricon Technologies Corp | ButOne Information vs. Loongson Technology Corp | ButOne Information vs. Shenzhen Fortune Trend | ButOne Information vs. Chongqing Road Bridge |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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