Correlation Between Agricultural Bank and Jiangsu Broadcasting
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By analyzing existing cross correlation between Agricultural Bank of and Jiangsu Broadcasting Cable, you can compare the effects of market volatilities on Agricultural Bank and Jiangsu Broadcasting 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 Jiangsu Broadcasting. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Jiangsu Broadcasting.
Diversification Opportunities for Agricultural Bank and Jiangsu Broadcasting
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Agricultural and Jiangsu is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Jiangsu Broadcasting Cable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Broadcasting 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 Jiangsu Broadcasting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Broadcasting has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Jiangsu Broadcasting go up and down completely randomly.
Pair Corralation between Agricultural Bank and Jiangsu Broadcasting
Assuming the 90 days trading horizon Agricultural Bank is expected to generate 2.25 times less return on investment than Jiangsu Broadcasting. But when comparing it to its historical volatility, Agricultural Bank of is 2.15 times less risky than Jiangsu Broadcasting. It trades about 0.15 of its potential returns per unit of risk. Jiangsu Broadcasting Cable is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 334.00 in Jiangsu Broadcasting Cable on August 31, 2024 and sell it today you would earn a total of 22.00 from holding Jiangsu Broadcasting Cable or generate 6.59% 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. Jiangsu Broadcasting Cable
Performance |
| Timeline |
| Agricultural Bank |
| Jiangsu Broadcasting |
Agricultural Bank and Jiangsu Broadcasting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Jiangsu Broadcasting
The main advantage of trading using opposite Agricultural Bank and Jiangsu Broadcasting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Jiangsu Broadcasting 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 Jiangsu Broadcasting will offset losses from the drop in Jiangsu Broadcasting's long position.| Agricultural Bank vs. Zoy Home Furnishing | Agricultural Bank vs. Oppein Home Group | Agricultural Bank vs. Southchip Semiconductor Technology | Agricultural Bank vs. Suofeiya Home Collection |
| Jiangsu Broadcasting vs. BYD Co Ltd | Jiangsu Broadcasting vs. Agricultural Bank of | Jiangsu Broadcasting vs. Industrial and Commercial | Jiangsu Broadcasting vs. China State Construction |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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