Correlation Between Agricultural Bank and Nanjing Vishee
Specify exactly 2 symbols:
By analyzing existing cross correlation between Agricultural Bank of and Nanjing Vishee Medical, you can compare the effects of market volatilities on Agricultural Bank and Nanjing Vishee 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 Nanjing Vishee. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Nanjing Vishee.
Diversification Opportunities for Agricultural Bank and Nanjing Vishee
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Agricultural and Nanjing is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Nanjing Vishee Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Vishee Medical 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 Nanjing Vishee. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Vishee Medical has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Nanjing Vishee go up and down completely randomly.
Pair Corralation between Agricultural Bank and Nanjing Vishee
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.64 times more return on investment than Nanjing Vishee. However, Agricultural Bank of is 1.57 times less risky than Nanjing Vishee. It trades about 0.12 of its potential returns per unit of risk. Nanjing Vishee Medical is currently generating about 0.04 per unit of risk. If you would invest 504.00 in Agricultural Bank of on November 4, 2024 and sell it today you would earn a total of 12.00 from holding Agricultural Bank of or generate 2.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agricultural Bank of vs. Nanjing Vishee Medical
Performance |
| Timeline |
| Agricultural Bank |
| Nanjing Vishee Medical |
Agricultural Bank and Nanjing Vishee Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Nanjing Vishee
The main advantage of trading using opposite Agricultural Bank and Nanjing Vishee positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Nanjing Vishee 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 Nanjing Vishee will offset losses from the drop in Nanjing Vishee's long position.| Agricultural Bank vs. Olympic Circuit Technology | Agricultural Bank vs. Holitech Technology Co | Agricultural Bank vs. Xiamen Bank Co | Agricultural Bank vs. Peoples Insurance of |
| Nanjing Vishee vs. Zhongshan Broad Ocean Motor | Nanjing Vishee vs. Shanghai Broadband Technology | Nanjing Vishee vs. Shaanxi Broadcast TV | Nanjing Vishee vs. Shenzhen Centralcon Investment |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Stocks Directory Find actively traded stocks across global markets |