Correlation Between Agricultural Bank and Hoshine Silicon
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By analyzing existing cross correlation between Agricultural Bank of and Hoshine Silicon Ind, you can compare the effects of market volatilities on Agricultural Bank and Hoshine Silicon 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 Hoshine Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Hoshine Silicon.
Diversification Opportunities for Agricultural Bank and Hoshine Silicon
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Agricultural and Hoshine is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Hoshine Silicon Ind in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hoshine Silicon Ind 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 Hoshine Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hoshine Silicon Ind has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Hoshine Silicon go up and down completely randomly.
Pair Corralation between Agricultural Bank and Hoshine Silicon
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.52 times more return on investment than Hoshine Silicon. However, Agricultural Bank of is 1.91 times less risky than Hoshine Silicon. It trades about 0.09 of its potential returns per unit of risk. Hoshine Silicon Ind is currently generating about 0.04 per unit of risk. If you would invest 364.00 in Agricultural Bank of on August 29, 2024 and sell it today you would earn a total of 117.00 from holding Agricultural Bank of or generate 32.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Hoshine Silicon Ind
Performance |
| Timeline |
| Agricultural Bank |
| Hoshine Silicon Ind |
Agricultural Bank and Hoshine Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Hoshine Silicon
The main advantage of trading using opposite Agricultural Bank and Hoshine Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Hoshine Silicon 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 Hoshine Silicon will offset losses from the drop in Hoshine Silicon's long position.| Agricultural Bank vs. Sinofibers Technology Co | Agricultural Bank vs. Anhui Jianghuai Automobile | Agricultural Bank vs. Uxi Unicomp Technology | Agricultural Bank vs. Jiujiang Shanshui Technology |
| Hoshine Silicon vs. Beijing Mainstreets Investment | Hoshine Silicon vs. RoadMain T Co | Hoshine Silicon vs. Shaanxi Broadcast TV | Hoshine Silicon vs. Vanfund Urban Investment |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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