Correlation Between Chahua Modern and Agricultural Bank
Specify exactly 2 symbols:
By analyzing existing cross correlation between Chahua Modern Housewares and Agricultural Bank of, you can compare the effects of market volatilities on Chahua Modern 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 Chahua Modern with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chahua Modern and Agricultural Bank.
Diversification Opportunities for Chahua Modern and Agricultural Bank
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Chahua and Agricultural is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Chahua Modern Housewares and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Chahua Modern 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 Chahua Modern Housewares 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 Chahua Modern i.e., Chahua Modern and Agricultural Bank go up and down completely randomly.
Pair Corralation between Chahua Modern and Agricultural Bank
Assuming the 90 days trading horizon Chahua Modern Housewares is expected to generate 3.13 times more return on investment than Agricultural Bank. However, Chahua Modern is 3.13 times more volatile than Agricultural Bank of. It trades about 0.09 of its potential returns per unit of risk. Agricultural Bank of is currently generating about 0.09 per unit of risk. If you would invest 1,082 in Chahua Modern Housewares on August 25, 2024 and sell it today you would earn a total of 1,286 from holding Chahua Modern Housewares or generate 118.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chahua Modern Housewares vs. Agricultural Bank of
Performance |
| Timeline |
| Chahua Modern Housewares |
| Agricultural Bank |
Chahua Modern and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chahua Modern and Agricultural Bank
The main advantage of trading using opposite Chahua Modern and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chahua Modern 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.| Chahua Modern vs. Xiangyang Automobile Bearing | Chahua Modern vs. Ligao Foods CoLtd | Chahua Modern vs. Xiamen Jihong Package | Chahua Modern vs. Yankershop Food Co |
| 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Stocks Directory Find actively traded stocks across global markets |