Correlation Between Henan Lantian and Agricultural Bank
Specify exactly 2 symbols:
By analyzing existing cross correlation between Henan Lantian Gas and Agricultural Bank of, you can compare the effects of market volatilities on Henan Lantian 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 Henan Lantian with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Henan Lantian and Agricultural Bank.
Diversification Opportunities for Henan Lantian and Agricultural Bank
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Henan and Agricultural is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Henan Lantian Gas and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Henan Lantian 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 Henan Lantian Gas 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 Henan Lantian i.e., Henan Lantian and Agricultural Bank go up and down completely randomly.
Pair Corralation between Henan Lantian and Agricultural Bank
Assuming the 90 days trading horizon Henan Lantian is expected to generate 1.23 times less return on investment than Agricultural Bank. In addition to that, Henan Lantian is 1.26 times more volatile than Agricultural Bank of. It trades about 0.07 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 268.00 in Agricultural Bank of on September 12, 2024 and sell it today you would earn a total of 237.00 from holding Agricultural Bank of or generate 88.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Henan Lantian Gas vs. Agricultural Bank of
Performance |
| Timeline |
| Henan Lantian Gas |
| Agricultural Bank |
Henan Lantian and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Henan Lantian and Agricultural Bank
The main advantage of trading using opposite Henan Lantian and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Henan Lantian 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.| Henan Lantian vs. Gansu Jiu Steel | Henan Lantian vs. Shandong Mining Machinery | Henan Lantian vs. Aba Chemicals Corp | Henan Lantian vs. BlueFocus Communication Group |
| Agricultural Bank vs. China Petroleum Chemical | Agricultural Bank vs. PetroChina Co Ltd | Agricultural Bank vs. China Mobile Limited | Agricultural Bank vs. Industrial and Commercial |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |