Correlation Between Agricultural Bank and A Zenith
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and A Zenith Home Furnishings, you can compare the effects of market volatilities on Agricultural Bank and A Zenith 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 A Zenith. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and A Zenith.
Diversification Opportunities for Agricultural Bank and A Zenith
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Agricultural and 603389 is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and A Zenith Home Furnishings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on A Zenith 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 A Zenith. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of A Zenith Home has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and A Zenith go up and down completely randomly.
Pair Corralation between Agricultural Bank and A Zenith
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.21 times more return on investment than A Zenith. However, Agricultural Bank of is 4.74 times less risky than A Zenith. It trades about 0.14 of its potential returns per unit of risk. A Zenith Home Furnishings is currently generating about -0.15 per unit of risk. If you would invest 501.00 in Agricultural Bank of on October 9, 2024 and sell it today you would earn a total of 18.00 from holding Agricultural Bank of or generate 3.59% 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. A Zenith Home Furnishings
Performance |
| Timeline |
| Agricultural Bank |
| A Zenith Home |
Agricultural Bank and A Zenith Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and A Zenith
The main advantage of trading using opposite Agricultural Bank and A Zenith positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, A Zenith 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 A Zenith will offset losses from the drop in A Zenith's long position.| Agricultural Bank vs. Goodwill E Health | Agricultural Bank vs. Humanwell Healthcare Group | Agricultural Bank vs. Anhui Huaren Health | Agricultural Bank vs. Beijing Enlight Media |
| A Zenith vs. Kweichow Moutai Co | A Zenith vs. NAURA Technology Group | A Zenith vs. Zhejiang Orient Gene | A Zenith vs. APT Medical |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |