Correlation Between Agricultural Bank and Jiangsu Bioperfectus
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By analyzing existing cross correlation between Agricultural Bank of and Jiangsu Bioperfectus Technologies, you can compare the effects of market volatilities on Agricultural Bank and Jiangsu Bioperfectus 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 Jiangsu Bioperfectus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Jiangsu Bioperfectus.
Diversification Opportunities for Agricultural Bank and Jiangsu Bioperfectus
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Agricultural and Jiangsu is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Jiangsu Bioperfectus Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Bioperfectus 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 Jiangsu Bioperfectus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Bioperfectus has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Jiangsu Bioperfectus go up and down completely randomly.
Pair Corralation between Agricultural Bank and Jiangsu Bioperfectus
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.54 times more return on investment than Jiangsu Bioperfectus. However, Agricultural Bank of is 1.84 times less risky than Jiangsu Bioperfectus. It trades about 0.08 of its potential returns per unit of risk. Jiangsu Bioperfectus Technologies is currently generating about 0.04 per unit of risk. If you would invest 334.00 in Agricultural Bank of on August 27, 2024 and sell it today you would earn a total of 136.00 from holding Agricultural Bank of or generate 40.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Jiangsu Bioperfectus Technolog
Performance |
| Timeline |
| Agricultural Bank |
| Jiangsu Bioperfectus |
Agricultural Bank and Jiangsu Bioperfectus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Jiangsu Bioperfectus
The main advantage of trading using opposite Agricultural Bank and Jiangsu Bioperfectus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Jiangsu Bioperfectus 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 Jiangsu Bioperfectus will offset losses from the drop in Jiangsu Bioperfectus' long position.| Agricultural Bank vs. Bank of China | Agricultural Bank vs. PetroChina Co Ltd | Agricultural Bank vs. Ping An Insurance | Agricultural Bank vs. China Mobile Limited |
| Jiangsu Bioperfectus vs. CGN Nuclear Technology | Jiangsu Bioperfectus vs. Guangzhou Boji Medical | Jiangsu Bioperfectus vs. Air China Ltd | Jiangsu Bioperfectus vs. Linewell Software 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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