Correlation Between Agricultural Bank and Offshore Oil
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By analyzing existing cross correlation between Agricultural Bank of and Offshore Oil Engineering, you can compare the effects of market volatilities on Agricultural Bank and Offshore Oil 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 Offshore Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Offshore Oil.
Diversification Opportunities for Agricultural Bank and Offshore Oil
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Agricultural and Offshore is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Offshore Oil Engineering in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Offshore Oil Engineering 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 Offshore Oil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Offshore Oil Engineering has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Offshore Oil go up and down completely randomly.
Pair Corralation between Agricultural Bank and Offshore Oil
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 1.22 times more return on investment than Offshore Oil. However, Agricultural Bank is 1.22 times more volatile than Offshore Oil Engineering. It trades about -0.02 of its potential returns per unit of risk. Offshore Oil Engineering is currently generating about -0.05 per unit of risk. If you would invest 511.00 in Agricultural Bank of on October 17, 2024 and sell it today you would lose (4.00) from holding Agricultural Bank of or give up 0.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Offshore Oil Engineering
Performance |
| Timeline |
| Agricultural Bank |
| Offshore Oil Engineering |
Agricultural Bank and Offshore Oil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Offshore Oil
The main advantage of trading using opposite Agricultural Bank and Offshore Oil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Offshore Oil 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 Offshore Oil will offset losses from the drop in Offshore Oil's long position.| Agricultural Bank vs. Zoje Resources Investment | Agricultural Bank vs. Cultural Investment Holdings | Agricultural Bank vs. Shanghai Material Trading | Agricultural Bank vs. Xiandai Investment Co |
| Offshore Oil vs. Kidswant Children Products | Offshore Oil vs. Sportsoul Co Ltd | Offshore Oil vs. Peoples Insurance of | Offshore Oil 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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