Correlation Between Agricultural Bank and Shanghai Rightongene
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By analyzing existing cross correlation between Agricultural Bank of and Shanghai Rightongene Biotechnology, you can compare the effects of market volatilities on Agricultural Bank and Shanghai Rightongene 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 Shanghai Rightongene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Shanghai Rightongene.
Diversification Opportunities for Agricultural Bank and Shanghai Rightongene
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Agricultural and Shanghai is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Shanghai Rightongene Biotechno in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Rightongene 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 Shanghai Rightongene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Rightongene has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Shanghai Rightongene go up and down completely randomly.
Pair Corralation between Agricultural Bank and Shanghai Rightongene
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.41 times more return on investment than Shanghai Rightongene. However, Agricultural Bank of is 2.45 times less risky than Shanghai Rightongene. It trades about 0.06 of its potential returns per unit of risk. Shanghai Rightongene Biotechnology is currently generating about -0.04 per unit of risk. If you would invest 365.00 in Agricultural Bank of on August 29, 2024 and sell it today you would earn a total of 116.00 from holding Agricultural Bank of or generate 31.78% 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. Shanghai Rightongene Biotechno
Performance |
| Timeline |
| Agricultural Bank |
| Shanghai Rightongene |
Agricultural Bank and Shanghai Rightongene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Shanghai Rightongene
The main advantage of trading using opposite Agricultural Bank and Shanghai Rightongene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Shanghai Rightongene 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 Shanghai Rightongene will offset losses from the drop in Shanghai Rightongene's long position.| Agricultural Bank vs. Spring Airlines Co | Agricultural Bank vs. Inspur Software Co | Agricultural Bank vs. Xinjiang Tianrun Dairy | Agricultural Bank vs. Jiajia Food Group |
| Shanghai Rightongene vs. Industrial and Commercial | Shanghai Rightongene vs. China Construction Bank | Shanghai Rightongene vs. Agricultural Bank of | Shanghai Rightongene 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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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