Correlation Between Yunnan Jianzhijia and Agricultural Bank
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By analyzing existing cross correlation between Yunnan Jianzhijia Health Chain and Agricultural Bank of, you can compare the effects of market volatilities on Yunnan Jianzhijia 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 Yunnan Jianzhijia with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Jianzhijia and Agricultural Bank.
Diversification Opportunities for Yunnan Jianzhijia and Agricultural Bank
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Yunnan and Agricultural is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Jianzhijia Health Chain and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Yunnan Jianzhijia 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 Yunnan Jianzhijia Health Chain 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 Yunnan Jianzhijia i.e., Yunnan Jianzhijia and Agricultural Bank go up and down completely randomly.
Pair Corralation between Yunnan Jianzhijia and Agricultural Bank
Assuming the 90 days trading horizon Yunnan Jianzhijia Health Chain is expected to under-perform the Agricultural Bank. In addition to that, Yunnan Jianzhijia is 1.8 times more volatile than Agricultural Bank of. It trades about -0.33 of its total potential returns per unit of risk. Agricultural Bank of is currently generating about -0.22 per unit of volatility. If you would invest 525.00 in Agricultural Bank of on October 25, 2024 and sell it today you would lose (32.00) from holding Agricultural Bank of or give up 6.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Jianzhijia Health Chain vs. Agricultural Bank of
Performance |
| Timeline |
| Yunnan Jianzhijia |
| Agricultural Bank |
Yunnan Jianzhijia and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Jianzhijia and Agricultural Bank
The main advantage of trading using opposite Yunnan Jianzhijia and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Jianzhijia 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.| Yunnan Jianzhijia vs. Agricultural Bank of | Yunnan Jianzhijia vs. Postal Savings Bank | Yunnan Jianzhijia vs. Bank of Communications | Yunnan Jianzhijia vs. China Merchants Bank |
| Agricultural Bank vs. Bank of China | Agricultural Bank vs. Kweichow Moutai Co | Agricultural Bank vs. PetroChina Co Ltd | Agricultural Bank vs. Bank of Communications |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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