Correlation Between Qijing Machinery and Agricultural Bank
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By analyzing existing cross correlation between Qijing Machinery and Agricultural Bank of, you can compare the effects of market volatilities on Qijing Machinery 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 Qijing Machinery with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qijing Machinery and Agricultural Bank.
Diversification Opportunities for Qijing Machinery and Agricultural Bank
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Qijing and Agricultural is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Qijing Machinery and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Qijing Machinery 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 Qijing Machinery 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 Qijing Machinery i.e., Qijing Machinery and Agricultural Bank go up and down completely randomly.
Pair Corralation between Qijing Machinery and Agricultural Bank
Assuming the 90 days trading horizon Qijing Machinery is expected to generate 1.81 times less return on investment than Agricultural Bank. In addition to that, Qijing Machinery is 2.24 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 0.08 per unit of volatility. If you would invest 344.00 in Agricultural Bank of on September 4, 2024 and sell it today you would earn a total of 138.00 from holding Agricultural Bank of or generate 40.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qijing Machinery vs. Agricultural Bank of
Performance |
| Timeline |
| Qijing Machinery |
| Agricultural Bank |
Qijing Machinery and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qijing Machinery and Agricultural Bank
The main advantage of trading using opposite Qijing Machinery and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qijing Machinery 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.| Qijing Machinery vs. PetroChina Co Ltd | Qijing Machinery vs. China Mobile Limited | Qijing Machinery vs. CNOOC Limited | Qijing Machinery vs. Ping An Insurance |
| Agricultural Bank vs. Liaoning Chengda Biotechnology | Agricultural Bank vs. Harvest Fund Management | Agricultural Bank vs. Guangzhou Zhujiang Brewery | Agricultural Bank vs. CICC Fund Management |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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