Correlation Between Fuda Alloy and Agricultural Bank
Specify exactly 2 symbols:
By analyzing existing cross correlation between Fuda Alloy Materials and Agricultural Bank of, you can compare the effects of market volatilities on Fuda Alloy and Agricultural Bank 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 Fuda Alloy with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fuda Alloy and Agricultural Bank.
Diversification Opportunities for Fuda Alloy and Agricultural Bank
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Fuda and Agricultural is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Fuda Alloy Materials and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Fuda Alloy 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 Fuda Alloy Materials are associated (or correlated) with Agricultural Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agricultural Bank has no effect on the direction of Fuda Alloy i.e., Fuda Alloy and Agricultural Bank go up and down completely randomly.
Pair Corralation between Fuda Alloy and Agricultural Bank
Assuming the 90 days trading horizon Fuda Alloy Materials is expected to under-perform the Agricultural Bank. In addition to that, Fuda Alloy is 2.38 times more volatile than Agricultural Bank of. It trades about -0.02 of its total potential returns per unit of risk. Agricultural Bank of is currently generating about 0.07 per unit of volatility. If you would invest 500.00 in Agricultural Bank of on October 14, 2024 and sell it today you would earn a total of 10.00 from holding Agricultural Bank of or generate 2.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fuda Alloy Materials vs. Agricultural Bank of
Performance |
| Timeline |
| Fuda Alloy Materials |
| Agricultural Bank |
Fuda Alloy and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fuda Alloy and Agricultural Bank
The main advantage of trading using opposite Fuda Alloy and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fuda Alloy position performs unexpectedly, Agricultural Bank 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 Agricultural Bank will offset losses from the drop in Agricultural Bank's long position.| Fuda Alloy vs. Holitech Technology Co | Fuda Alloy vs. Tongling Nonferrous Metals | Fuda Alloy vs. Kuangda Technology Group | Fuda Alloy vs. China Aluminum International |
| Agricultural Bank vs. Fuda Alloy Materials | Agricultural Bank vs. King Strong New Material | Agricultural Bank vs. Vats Liquor Chain | Agricultural Bank vs. Malion New Materials |
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.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |