Correlation Between Nancal Energy and Agricultural Bank
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By analyzing existing cross correlation between Nancal Energy Saving Tech and Agricultural Bank of, you can compare the effects of market volatilities on Nancal Energy 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 Nancal Energy with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nancal Energy and Agricultural Bank.
Diversification Opportunities for Nancal Energy and Agricultural Bank
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Nancal and Agricultural is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Nancal Energy Saving Tech and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Nancal Energy 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 Nancal Energy Saving Tech 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 Nancal Energy i.e., Nancal Energy and Agricultural Bank go up and down completely randomly.
Pair Corralation between Nancal Energy and Agricultural Bank
Assuming the 90 days trading horizon Nancal Energy Saving Tech is expected to generate 6.57 times more return on investment than Agricultural Bank. However, Nancal Energy is 6.57 times more volatile than Agricultural Bank of. It trades about 0.27 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 1,990 in Nancal Energy Saving Tech on August 28, 2024 and sell it today you would earn a total of 789.00 from holding Nancal Energy Saving Tech or generate 39.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nancal Energy Saving Tech vs. Agricultural Bank of
Performance |
| Timeline |
| Nancal Energy Saving |
| Agricultural Bank |
Nancal Energy and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nancal Energy and Agricultural Bank
The main advantage of trading using opposite Nancal Energy and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nancal Energy 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.| Nancal Energy vs. Cambricon Technologies Corp | Nancal Energy vs. Loongson Technology Corp | Nancal Energy vs. Chongqing Road Bridge | Nancal Energy vs. Shenzhen Fortune Trend |
| Agricultural Bank vs. Spring Airlines Co | Agricultural Bank vs. Inspur Software Co | Agricultural Bank vs. Xinjiang Tianrun Dairy | Agricultural Bank vs. Jiajia Food Group |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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