Correlation Between Agricultural Bank and Quectel Wireless
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By analyzing existing cross correlation between Agricultural Bank of and Quectel Wireless Solutions, you can compare the effects of market volatilities on Agricultural Bank and Quectel Wireless 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 Quectel Wireless. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Quectel Wireless.
Diversification Opportunities for Agricultural Bank and Quectel Wireless
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Agricultural and Quectel is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Quectel Wireless Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Quectel Wireless Sol 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 Quectel Wireless. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Quectel Wireless Sol has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Quectel Wireless go up and down completely randomly.
Pair Corralation between Agricultural Bank and Quectel Wireless
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.34 times more return on investment than Quectel Wireless. However, Agricultural Bank of is 2.96 times less risky than Quectel Wireless. It trades about 0.1 of its potential returns per unit of risk. Quectel Wireless Solutions is currently generating about 0.0 per unit of risk. If you would invest 270.00 in Agricultural Bank of on September 3, 2024 and sell it today you would earn a total of 211.00 from holding Agricultural Bank of or generate 78.15% 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. Quectel Wireless Solutions
Performance |
| Timeline |
| Agricultural Bank |
| Quectel Wireless Sol |
Agricultural Bank and Quectel Wireless Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Quectel Wireless
The main advantage of trading using opposite Agricultural Bank and Quectel Wireless positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Quectel Wireless 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 Quectel Wireless will offset losses from the drop in Quectel Wireless' long position.| Agricultural Bank vs. Kunwu Jiuding Investment | Agricultural Bank vs. Harbin Hatou Investment | Agricultural Bank vs. Dazhong Transportation Group | Agricultural Bank vs. Metro Investment Development |
| Quectel Wireless vs. Agricultural Bank of | Quectel Wireless vs. China Construction Bank | Quectel Wireless vs. Postal Savings Bank | Quectel Wireless vs. Bank of Communications |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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