Correlation Between Zoy Home and Agricultural Bank
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By analyzing existing cross correlation between Zoy Home Furnishing and Agricultural Bank of, you can compare the effects of market volatilities on Zoy Home 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 Zoy Home with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zoy Home and Agricultural Bank.
Diversification Opportunities for Zoy Home and Agricultural Bank
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Zoy and Agricultural is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Zoy Home Furnishing and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Zoy Home 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 Zoy Home Furnishing 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 Zoy Home i.e., Zoy Home and Agricultural Bank go up and down completely randomly.
Pair Corralation between Zoy Home and Agricultural Bank
Assuming the 90 days trading horizon Zoy Home Furnishing is expected to under-perform the Agricultural Bank. In addition to that, Zoy Home is 2.1 times more volatile than Agricultural Bank of. It trades about -0.06 of its total potential returns per unit of risk. Agricultural Bank of is currently generating about 0.11 per unit of volatility. If you would invest 505.00 in Agricultural Bank of on November 29, 2024 and sell it today you would earn a total of 7.00 from holding Agricultural Bank of or generate 1.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zoy Home Furnishing vs. Agricultural Bank of
Performance |
| Timeline |
| Zoy Home Furnishing |
| Agricultural Bank |
Zoy Home and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zoy Home and Agricultural Bank
The main advantage of trading using opposite Zoy Home and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zoy Home 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.| Zoy Home vs. Ping An Insurance | Zoy Home vs. Nancal Energy Saving Tech | Zoy Home vs. Financial Street Holdings | Zoy Home vs. Quectel Wireless Solutions |
| Agricultural Bank vs. Fiberhome Telecommunication Technologies | Agricultural Bank vs. Shandong Homey Aquatic | Agricultural Bank vs. Zhangjiagang Elegant Home | Agricultural Bank vs. DO Home Collection |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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