Correlation Between Agricultural Bank and Niutech Environment
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Niutech Environment Technology, you can compare the effects of market volatilities on Agricultural Bank and Niutech Environment 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 Niutech Environment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Niutech Environment.
Diversification Opportunities for Agricultural Bank and Niutech Environment
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Agricultural and Niutech is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Niutech Environment Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Niutech Environment 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 Niutech Environment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Niutech Environment has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Niutech Environment go up and down completely randomly.
Pair Corralation between Agricultural Bank and Niutech Environment
Assuming the 90 days trading horizon Agricultural Bank is expected to generate 1.75 times less return on investment than Niutech Environment. But when comparing it to its historical volatility, Agricultural Bank of is 2.48 times less risky than Niutech Environment. It trades about 0.11 of its potential returns per unit of risk. Niutech Environment Technology is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,407 in Niutech Environment Technology on September 5, 2024 and sell it today you would earn a total of 51.00 from holding Niutech Environment Technology or generate 3.62% 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. Niutech Environment Technology
Performance |
| Timeline |
| Agricultural Bank |
| Niutech Environment |
Agricultural Bank and Niutech Environment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Niutech Environment
The main advantage of trading using opposite Agricultural Bank and Niutech Environment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Niutech Environment 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 Niutech Environment will offset losses from the drop in Niutech Environment'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 |
| Niutech Environment vs. Industrial and Commercial | Niutech Environment vs. Agricultural Bank of | Niutech Environment vs. China Construction Bank | Niutech Environment 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |