Correlation Between Agricultural Bank and Sino Medical
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By analyzing existing cross correlation between Agricultural Bank of and Sino Medical Sciences, you can compare the effects of market volatilities on Agricultural Bank and Sino Medical 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 Sino Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Sino Medical.
Diversification Opportunities for Agricultural Bank and Sino Medical
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Agricultural and Sino is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Sino Medical Sciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Medical Sciences 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 Sino Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Medical Sciences has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Sino Medical go up and down completely randomly.
Pair Corralation between Agricultural Bank and Sino Medical
Assuming the 90 days trading horizon Agricultural Bank of is expected to under-perform the Sino Medical. But the stock apears to be less risky and, when comparing its historical volatility, Agricultural Bank of is 3.01 times less risky than Sino Medical. The stock trades about -0.02 of its potential returns per unit of risk. The Sino Medical Sciences is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 981.00 in Sino Medical Sciences on November 27, 2024 and sell it today you would earn a total of 77.00 from holding Sino Medical Sciences or generate 7.85% 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. Sino Medical Sciences
Performance |
| Timeline |
| Agricultural Bank |
| Sino Medical Sciences |
Agricultural Bank and Sino Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Sino Medical
The main advantage of trading using opposite Agricultural Bank and Sino Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Sino Medical 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 Sino Medical will offset losses from the drop in Sino Medical's long position.| Agricultural Bank vs. Glodon Software Co | Agricultural Bank vs. Will Semiconductor Co | Agricultural Bank vs. Hubei Tech Semiconductors | Agricultural Bank vs. GigaDevice SemiconductorBeiji |
| Sino Medical vs. Zhejiang Kingland Pipeline | Sino Medical vs. Harbin Air Conditioning | Sino Medical vs. Guangzhou Seagull Kitchen | Sino Medical vs. MayAir Technology Co |
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.
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