Correlation Between Agricultural Bank and Zhongzhu Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Zhongzhu Medical Holdings, you can compare the effects of market volatilities on Agricultural Bank and Zhongzhu Medical 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 Zhongzhu Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Zhongzhu Medical.
Diversification Opportunities for Agricultural Bank and Zhongzhu Medical
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Agricultural and Zhongzhu is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Zhongzhu Medical Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhongzhu Medical Holdings 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 Zhongzhu Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhongzhu Medical Holdings has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Zhongzhu Medical go up and down completely randomly.
Pair Corralation between Agricultural Bank and Zhongzhu Medical
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.41 times more return on investment than Zhongzhu Medical. However, Agricultural Bank of is 2.47 times less risky than Zhongzhu Medical. It trades about 0.37 of its potential returns per unit of risk. Zhongzhu Medical Holdings is currently generating about 0.05 per unit of risk. If you would invest 469.00 in Agricultural Bank of on September 12, 2024 and sell it today you would earn a total of 36.00 from holding Agricultural Bank of or generate 7.68% 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. Zhongzhu Medical Holdings
Performance |
| Timeline |
| Agricultural Bank |
| Zhongzhu Medical Holdings |
Agricultural Bank and Zhongzhu Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Zhongzhu Medical
The main advantage of trading using opposite Agricultural Bank and Zhongzhu Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Zhongzhu Medical 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 Zhongzhu Medical will offset losses from the drop in Zhongzhu Medical's long position.| Agricultural Bank vs. China Petroleum Chemical | Agricultural Bank vs. PetroChina Co Ltd | Agricultural Bank vs. China Mobile Limited | Agricultural Bank vs. Industrial and Commercial |
| Zhongzhu Medical vs. Industrial and Commercial | Zhongzhu Medical vs. China Construction Bank | Zhongzhu Medical vs. Bank of China | Zhongzhu Medical vs. Agricultural Bank of |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |