Correlation Between Agricultural Bank and MayAir Technology
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By analyzing existing cross correlation between Agricultural Bank of and MayAir Technology Co, you can compare the effects of market volatilities on Agricultural Bank and MayAir Technology 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 MayAir Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and MayAir Technology.
Diversification Opportunities for Agricultural Bank and MayAir Technology
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Agricultural and MayAir is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and MayAir Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MayAir Technology 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 MayAir Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MayAir Technology has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and MayAir Technology go up and down completely randomly.
Pair Corralation between Agricultural Bank and MayAir Technology
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.41 times more return on investment than MayAir Technology. However, Agricultural Bank of is 2.43 times less risky than MayAir Technology. It trades about 0.11 of its potential returns per unit of risk. MayAir Technology Co is currently generating about 0.02 per unit of risk. If you would invest 355.00 in Agricultural Bank of on September 4, 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. MayAir Technology Co
Performance |
| Timeline |
| Agricultural Bank |
| MayAir Technology |
Agricultural Bank and MayAir Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and MayAir Technology
The main advantage of trading using opposite Agricultural Bank and MayAir Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, MayAir Technology 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 MayAir Technology will offset losses from the drop in MayAir Technology's long position.| Agricultural Bank vs. Liaoning Chengda Biotechnology | Agricultural Bank vs. Harvest Fund Management | Agricultural Bank vs. Guangzhou Zhujiang Brewery | Agricultural Bank vs. CICC Fund Management |
| MayAir Technology vs. Industrial and Commercial | MayAir Technology vs. Agricultural Bank of | MayAir Technology vs. China Construction Bank | MayAir Technology 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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