Correlation Between Agricultural Bank and Bloomage Biotechnology
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By analyzing existing cross correlation between Agricultural Bank of and Bloomage Biotechnology Corp, you can compare the effects of market volatilities on Agricultural Bank and Bloomage Biotechnology 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 Bloomage Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Bloomage Biotechnology.
Diversification Opportunities for Agricultural Bank and Bloomage Biotechnology
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Agricultural and Bloomage is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Bloomage Biotechnology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bloomage Biotechnology 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 Bloomage Biotechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bloomage Biotechnology has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Bloomage Biotechnology go up and down completely randomly.
Pair Corralation between Agricultural Bank and Bloomage Biotechnology
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.7 times more return on investment than Bloomage Biotechnology. However, Agricultural Bank of is 1.43 times less risky than Bloomage Biotechnology. It trades about 0.08 of its potential returns per unit of risk. Bloomage Biotechnology Corp is currently generating about -0.15 per unit of risk. If you would invest 508.00 in Agricultural Bank of on November 2, 2024 and sell it today you would earn a total of 8.00 from holding Agricultural Bank of or generate 1.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Bloomage Biotechnology Corp
Performance |
| Timeline |
| Agricultural Bank |
| Bloomage Biotechnology |
Agricultural Bank and Bloomage Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Bloomage Biotechnology
The main advantage of trading using opposite Agricultural Bank and Bloomage Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Bloomage Biotechnology 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 Bloomage Biotechnology will offset losses from the drop in Bloomage Biotechnology's long position.| Agricultural Bank vs. Anhui Transport Consulting | Agricultural Bank vs. Jiangsu Broadcasting Cable | Agricultural Bank vs. Jiangsu Yanghe Brewery | Agricultural Bank vs. China Sports Industry |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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