Correlation Between Agricultural Bank and Tangshan Port
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By analyzing existing cross correlation between Agricultural Bank of and Tangshan Port Group, you can compare the effects of market volatilities on Agricultural Bank and Tangshan Port 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 Tangshan Port. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Tangshan Port.
Diversification Opportunities for Agricultural Bank and Tangshan Port
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Agricultural and Tangshan is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Tangshan Port Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tangshan Port Group 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 Tangshan Port. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tangshan Port Group has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Tangshan Port go up and down completely randomly.
Pair Corralation between Agricultural Bank and Tangshan Port
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.66 times more return on investment than Tangshan Port. However, Agricultural Bank of is 1.51 times less risky than Tangshan Port. It trades about 0.33 of its potential returns per unit of risk. Tangshan Port Group is currently generating about 0.14 per unit of risk. If you would invest 465.00 in Agricultural Bank of on September 13, 2024 and sell it today you would earn a total of 32.00 from holding Agricultural Bank of or generate 6.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Agricultural Bank of vs. Tangshan Port Group
Performance |
| Timeline |
| Agricultural Bank |
| Tangshan Port Group |
Agricultural Bank and Tangshan Port Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Tangshan Port
The main advantage of trading using opposite Agricultural Bank and Tangshan Port positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Tangshan Port 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 Tangshan Port will offset losses from the drop in Tangshan Port's long position.| Agricultural Bank vs. Industrial and Commercial | Agricultural Bank vs. China Construction Bank | Agricultural Bank vs. Bank of China | Agricultural Bank vs. PetroChina Co Ltd |
| Tangshan Port vs. Lier Chemical Co | Tangshan Port vs. Dhc Software Co | Tangshan Port vs. Miracll Chemicals Co | Tangshan Port vs. Xilong Chemical 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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