Correlation Between Agricultural Bank and Healthcare
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Healthcare Co, you can compare the effects of market volatilities on Agricultural Bank and Healthcare 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 Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Healthcare.
Diversification Opportunities for Agricultural Bank and Healthcare
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Agricultural and Healthcare is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Healthcare Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Healthcare 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 Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Healthcare has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Healthcare go up and down completely randomly.
Pair Corralation between Agricultural Bank and Healthcare
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.57 times more return on investment than Healthcare. However, Agricultural Bank of is 1.75 times less risky than Healthcare. It trades about 0.11 of its potential returns per unit of risk. Healthcare Co is currently generating about -0.03 per unit of risk. If you would invest 275.00 in Agricultural Bank of on September 26, 2024 and sell it today you would earn a total of 250.00 from holding Agricultural Bank of or generate 90.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Healthcare Co
Performance |
| Timeline |
| Agricultural Bank |
| Healthcare |
Agricultural Bank and Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Healthcare
The main advantage of trading using opposite Agricultural Bank and Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Healthcare 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 Healthcare will offset losses from the drop in Healthcare's long position.| Agricultural Bank vs. Industrial and Commercial | Agricultural Bank vs. Kweichow Moutai Co | Agricultural Bank vs. China Mobile Limited | Agricultural Bank vs. China Construction Bank |
| Healthcare vs. Agricultural Bank of | Healthcare vs. Industrial and Commercial | Healthcare vs. Bank of China | Healthcare vs. China Construction Bank |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |