Correlation Between Agricultural Bank and Northern United
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Northern United Publishing, you can compare the effects of market volatilities on Agricultural Bank and Northern United 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 Northern United. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Northern United.
Diversification Opportunities for Agricultural Bank and Northern United
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Agricultural and Northern is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Northern United Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Northern United Publ 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 Northern United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Northern United Publ has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Northern United go up and down completely randomly.
Pair Corralation between Agricultural Bank and Northern United
Assuming the 90 days trading horizon Agricultural Bank of is expected to under-perform the Northern United. But the stock apears to be less risky and, when comparing its historical volatility, Agricultural Bank of is 1.9 times less risky than Northern United. The stock trades about -0.02 of its potential returns per unit of risk. The Northern United Publishing is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 652.00 in Northern United Publishing on November 27, 2024 and sell it today you would earn a total of 33.00 from holding Northern United Publishing or generate 5.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Northern United Publishing
Performance |
| Timeline |
| Agricultural Bank |
| Northern United Publ |
Agricultural Bank and Northern United Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Northern United
The main advantage of trading using opposite Agricultural Bank and Northern United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Northern United 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 Northern United will offset losses from the drop in Northern United's long position.| Agricultural Bank vs. Glodon Software Co | Agricultural Bank vs. Will Semiconductor Co | Agricultural Bank vs. Hubei Tech Semiconductors | Agricultural Bank vs. GigaDevice SemiconductorBeiji |
| Northern United vs. Hengyi Petrochemical Co | Northern United vs. APT Medical | Northern United vs. Touchstone International Medical | Northern United vs. Daoming OpticsChemical 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |