Correlation Between Agricultural Bank and Jiangsu GDK
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By analyzing existing cross correlation between Agricultural Bank of and Jiangsu GDK Biotechnology, you can compare the effects of market volatilities on Agricultural Bank and Jiangsu GDK 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 GDK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Jiangsu GDK.
Diversification Opportunities for Agricultural Bank and Jiangsu GDK
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Agricultural and Jiangsu is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Jiangsu GDK Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu GDK 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 Jiangsu GDK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu GDK Biotechnology has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Jiangsu GDK go up and down completely randomly.
Pair Corralation between Agricultural Bank and Jiangsu GDK
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.35 times more return on investment than Jiangsu GDK. However, Agricultural Bank of is 2.87 times less risky than Jiangsu GDK. It trades about 0.33 of its potential returns per unit of risk. Jiangsu GDK Biotechnology is currently generating about -0.02 per unit of risk. If you would invest 465.00 in Agricultural Bank of on September 13, 2024 and sell it today you would earn a total of 32.00 from holding Agricultural Bank of or generate 6.88% 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. Jiangsu GDK Biotechnology
Performance |
| Timeline |
| Agricultural Bank |
| Jiangsu GDK Biotechnology |
Agricultural Bank and Jiangsu GDK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agricultural Bank and Jiangsu GDK
The main advantage of trading using opposite Agricultural Bank and Jiangsu GDK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Jiangsu GDK 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 GDK will offset losses from the drop in Jiangsu GDK's long position.| Agricultural Bank vs. Industrial and Commercial | Agricultural Bank vs. China Construction Bank | Agricultural Bank vs. Bank of China | Agricultural Bank vs. PetroChina Co Ltd |
| Jiangsu GDK vs. Industrial and Commercial | Jiangsu GDK vs. China Construction Bank | Jiangsu GDK vs. Bank of China | Jiangsu GDK vs. Agricultural Bank of |
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 CEOs Directory module to screen CEOs from public companies around the world.
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