Correlation Between Agricultural Bank and Zhangjiagang Elegant
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Zhangjiagang Elegant Home, you can compare the effects of market volatilities on Agricultural Bank and Zhangjiagang Elegant 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 Zhangjiagang Elegant. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Zhangjiagang Elegant.
Diversification Opportunities for Agricultural Bank and Zhangjiagang Elegant
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Agricultural and Zhangjiagang is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Zhangjiagang Elegant Home in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhangjiagang Elegant Home 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 Zhangjiagang Elegant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhangjiagang Elegant Home has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Zhangjiagang Elegant go up and down completely randomly.
Pair Corralation between Agricultural Bank and Zhangjiagang Elegant
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.44 times more return on investment than Zhangjiagang Elegant. However, Agricultural Bank of is 2.27 times less risky than Zhangjiagang Elegant. It trades about 0.11 of its potential returns per unit of risk. Zhangjiagang Elegant Home is currently generating about -0.2 per unit of risk. If you would invest 497.00 in Agricultural Bank of on October 12, 2024 and sell it today you would earn a total of 17.00 from holding Agricultural Bank of or generate 3.42% 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. Zhangjiagang Elegant Home
Performance |
| Timeline |
| Agricultural Bank |
| Zhangjiagang Elegant Home |
Agricultural Bank and Zhangjiagang Elegant Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Zhangjiagang Elegant
The main advantage of trading using opposite Agricultural Bank and Zhangjiagang Elegant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Zhangjiagang Elegant 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 Zhangjiagang Elegant will offset losses from the drop in Zhangjiagang Elegant's long position.| Agricultural Bank vs. Guangzhou Jinyi Media | Agricultural Bank vs. Duzhe Publishing Media | Agricultural Bank vs. Chengdu B ray Media | Agricultural Bank vs. Sportsoul Co Ltd |
| Zhangjiagang Elegant vs. China Eastern Airlines | Zhangjiagang Elegant vs. Financial Street Holdings | Zhangjiagang Elegant vs. Agricultural Bank of | Zhangjiagang Elegant vs. Ping An Insurance |
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.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |