Correlation Between Agricultural Bank and Liaoning Port
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By analyzing existing cross correlation between Agricultural Bank of and Liaoning Port Co, you can compare the effects of market volatilities on Agricultural Bank and Liaoning 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 Liaoning Port. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Liaoning Port.
Diversification Opportunities for Agricultural Bank and Liaoning Port
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Agricultural and Liaoning is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Liaoning Port Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Liaoning Port 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 Liaoning Port. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Liaoning Port has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Liaoning Port go up and down completely randomly.
Pair Corralation between Agricultural Bank and Liaoning Port
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 1.01 times more return on investment than Liaoning Port. However, Agricultural Bank is 1.01 times more volatile than Liaoning Port Co. It trades about 0.1 of its potential returns per unit of risk. Liaoning Port Co is currently generating about 0.0 per unit of risk. If you would invest 271.00 in Agricultural Bank of on August 27, 2024 and sell it today you would earn a total of 199.00 from holding Agricultural Bank of or generate 73.43% 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. Liaoning Port Co
Performance |
| Timeline |
| Agricultural Bank |
| Liaoning Port |
Agricultural Bank and Liaoning Port Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Liaoning Port
The main advantage of trading using opposite Agricultural Bank and Liaoning Port positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Liaoning 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 Liaoning Port will offset losses from the drop in Liaoning Port's long position.| Agricultural Bank vs. Bank of China | Agricultural Bank vs. PetroChina Co Ltd | Agricultural Bank vs. Ping An Insurance | Agricultural Bank vs. China Mobile Limited |
| Liaoning Port vs. Industrial and Commercial | Liaoning Port vs. Agricultural Bank of | Liaoning Port vs. China Construction Bank | Liaoning Port vs. Bank of China |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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