Correlation Between Hoshine Silicon and Agricultural Bank
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By analyzing existing cross correlation between Hoshine Silicon Ind and Agricultural Bank of, you can compare the effects of market volatilities on Hoshine Silicon 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 Hoshine Silicon with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hoshine Silicon and Agricultural Bank.
Diversification Opportunities for Hoshine Silicon and Agricultural Bank
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Hoshine and Agricultural is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Hoshine Silicon Ind and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Hoshine Silicon 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 Hoshine Silicon Ind 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 Hoshine Silicon i.e., Hoshine Silicon and Agricultural Bank go up and down completely randomly.
Pair Corralation between Hoshine Silicon and Agricultural Bank
Assuming the 90 days trading horizon Hoshine Silicon Ind is expected to generate 1.92 times more return on investment than Agricultural Bank. However, Hoshine Silicon is 1.92 times more volatile than Agricultural Bank of. It trades about 0.05 of its potential returns per unit of risk. Agricultural Bank of is currently generating about 0.05 per unit of risk. If you would invest 4,880 in Hoshine Silicon Ind on August 25, 2024 and sell it today you would earn a total of 900.00 from holding Hoshine Silicon Ind or generate 18.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hoshine Silicon Ind vs. Agricultural Bank of
Performance |
| Timeline |
| Hoshine Silicon Ind |
| Agricultural Bank |
Hoshine Silicon and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hoshine Silicon and Agricultural Bank
The main advantage of trading using opposite Hoshine Silicon and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hoshine Silicon 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.| Hoshine Silicon vs. Zijin Mining Group | Hoshine Silicon vs. Wanhua Chemical Group | Hoshine Silicon vs. Baoshan Iron Steel | Hoshine Silicon vs. Shandong Gold Mining |
| Agricultural Bank vs. Road Environment Technology | Agricultural Bank vs. Anhui Deli Household | Agricultural Bank vs. Jiangsu Broadcasting Cable | Agricultural Bank vs. Chahua Modern Housewares |
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.
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