Correlation Between Agricultural Bank and Saurer Intelligent
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Saurer Intelligent Technology, you can compare the effects of market volatilities on Agricultural Bank and Saurer Intelligent 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 Saurer Intelligent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Saurer Intelligent.
Diversification Opportunities for Agricultural Bank and Saurer Intelligent
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Agricultural and Saurer is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Saurer Intelligent Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saurer Intelligent 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 Saurer Intelligent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saurer Intelligent has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Saurer Intelligent go up and down completely randomly.
Pair Corralation between Agricultural Bank and Saurer Intelligent
Assuming the 90 days trading horizon Agricultural Bank is expected to generate 12.48 times less return on investment than Saurer Intelligent. But when comparing it to its historical volatility, Agricultural Bank of is 4.13 times less risky than Saurer Intelligent. It trades about 0.05 of its potential returns per unit of risk. Saurer Intelligent Technology is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 194.00 in Saurer Intelligent Technology on August 29, 2024 and sell it today you would earn a total of 26.00 from holding Saurer Intelligent Technology or generate 13.4% 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. Saurer Intelligent Technology
Performance |
| Timeline |
| Agricultural Bank |
| Saurer Intelligent |
Agricultural Bank and Saurer Intelligent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Saurer Intelligent
The main advantage of trading using opposite Agricultural Bank and Saurer Intelligent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Saurer Intelligent 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 Saurer Intelligent will offset losses from the drop in Saurer Intelligent's long position.| Agricultural Bank vs. Spring Airlines Co | Agricultural Bank vs. Inspur Software Co | Agricultural Bank vs. Xinjiang Tianrun Dairy | Agricultural Bank vs. Jiajia Food Group |
| Saurer Intelligent vs. Agricultural Bank of | Saurer Intelligent vs. Industrial and Commercial | Saurer Intelligent vs. Bank of China | Saurer Intelligent vs. China Construction Bank |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios |