Correlation Between Agricultural Bank and Xingguang Agricultural
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Xingguang Agricultural Mach, you can compare the effects of market volatilities on Agricultural Bank and Xingguang Agricultural 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 Xingguang Agricultural. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Xingguang Agricultural.
Diversification Opportunities for Agricultural Bank and Xingguang Agricultural
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Agricultural and Xingguang is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Xingguang Agricultural Mach in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xingguang Agricultural 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 Xingguang Agricultural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xingguang Agricultural has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Xingguang Agricultural go up and down completely randomly.
Pair Corralation between Agricultural Bank and Xingguang Agricultural
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.32 times more return on investment than Xingguang Agricultural. However, Agricultural Bank of is 3.1 times less risky than Xingguang Agricultural. It trades about 0.11 of its potential returns per unit of risk. Xingguang Agricultural Mach is currently generating about 0.03 per unit of risk. If you would invest 355.00 in Agricultural Bank of on September 5, 2024 and sell it today you would earn a total of 134.00 from holding Agricultural Bank of or generate 37.75% 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. Xingguang Agricultural Mach
Performance |
| Timeline |
| Agricultural Bank |
| Xingguang Agricultural |
Agricultural Bank and Xingguang Agricultural Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Xingguang Agricultural
The main advantage of trading using opposite Agricultural Bank and Xingguang Agricultural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Xingguang Agricultural 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 Xingguang Agricultural will offset losses from the drop in Xingguang Agricultural's long position.| Agricultural Bank vs. Dymatic Chemicals | Agricultural Bank vs. Sportsoul Co Ltd | Agricultural Bank vs. Do Fluoride Chemicals Co | Agricultural Bank vs. Hubeiyichang Transportation Group |
| Xingguang Agricultural vs. Industrial and Commercial | Xingguang Agricultural vs. Agricultural Bank of | Xingguang Agricultural vs. China Construction Bank | Xingguang Agricultural vs. Bank of China |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |