Correlation Between Agricultural Bank and Harbin Hatou
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By analyzing existing cross correlation between Agricultural Bank of and Harbin Hatou Investment, you can compare the effects of market volatilities on Agricultural Bank and Harbin Hatou 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 Harbin Hatou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Harbin Hatou.
Diversification Opportunities for Agricultural Bank and Harbin Hatou
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Agricultural and Harbin is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Harbin Hatou Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Hatou Investment 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 Harbin Hatou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Hatou Investment has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Harbin Hatou go up and down completely randomly.
Pair Corralation between Agricultural Bank and Harbin Hatou
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.3 times more return on investment than Harbin Hatou. However, Agricultural Bank of is 3.34 times less risky than Harbin Hatou. It trades about 0.04 of its potential returns per unit of risk. Harbin Hatou Investment is currently generating about -0.12 per unit of risk. If you would invest 478.00 in Agricultural Bank of on September 2, 2024 and sell it today you would earn a total of 3.00 from holding Agricultural Bank of or generate 0.63% 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. Harbin Hatou Investment
Performance |
| Timeline |
| Agricultural Bank |
| Harbin Hatou Investment |
Agricultural Bank and Harbin Hatou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Harbin Hatou
The main advantage of trading using opposite Agricultural Bank and Harbin Hatou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Harbin Hatou 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 Harbin Hatou will offset losses from the drop in Harbin Hatou'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 |
| Harbin Hatou vs. Fujian Boss Software | Harbin Hatou vs. Jiangxi Naipu Mining | Harbin Hatou vs. Ye Chiu Metal | Harbin Hatou vs. Minmetals Capital Co |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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