Correlation Between Eastroc Beverage and Agricultural Bank
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By analyzing existing cross correlation between Eastroc Beverage Group and Agricultural Bank of, you can compare the effects of market volatilities on Eastroc Beverage 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 Eastroc Beverage with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastroc Beverage and Agricultural Bank.
Diversification Opportunities for Eastroc Beverage and Agricultural Bank
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Eastroc and Agricultural is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Eastroc Beverage Group and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Eastroc Beverage 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 Eastroc Beverage Group 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 Eastroc Beverage i.e., Eastroc Beverage and Agricultural Bank go up and down completely randomly.
Pair Corralation between Eastroc Beverage and Agricultural Bank
Assuming the 90 days trading horizon Eastroc Beverage Group is expected to generate 1.44 times more return on investment than Agricultural Bank. However, Eastroc Beverage is 1.44 times more volatile than Agricultural Bank of. It trades about 0.39 of its potential returns per unit of risk. Agricultural Bank of is currently generating about 0.08 per unit of risk. If you would invest 22,395 in Eastroc Beverage Group on October 11, 2024 and sell it today you would earn a total of 4,496 from holding Eastroc Beverage Group or generate 20.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eastroc Beverage Group vs. Agricultural Bank of
Performance |
| Timeline |
| Eastroc Beverage |
| Agricultural Bank |
Eastroc Beverage and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastroc Beverage and Agricultural Bank
The main advantage of trading using opposite Eastroc Beverage and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastroc Beverage 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.| Eastroc Beverage vs. Runjian Communication Co | Eastroc Beverage vs. Shandong Longda Meat | Eastroc Beverage vs. Panda Dairy Corp | Eastroc Beverage vs. Guilin Seamild Foods |
| Agricultural Bank vs. Anshan Senyuan Road | Agricultural Bank vs. Eastern Air Logistics | Agricultural Bank vs. Yankershop Food Co | Agricultural Bank vs. Eastroc Beverage 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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