Correlation Between Hangzhou Xili and Agricultural Bank
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By analyzing existing cross correlation between Hangzhou Xili Intelligent and Agricultural Bank of, you can compare the effects of market volatilities on Hangzhou Xili 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 Hangzhou Xili with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Xili and Agricultural Bank.
Diversification Opportunities for Hangzhou Xili and Agricultural Bank
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hangzhou and Agricultural is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Xili Intelligent and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Hangzhou Xili 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 Hangzhou Xili Intelligent 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 Hangzhou Xili i.e., Hangzhou Xili and Agricultural Bank go up and down completely randomly.
Pair Corralation between Hangzhou Xili and Agricultural Bank
Assuming the 90 days trading horizon Hangzhou Xili is expected to generate 1.2 times less return on investment than Agricultural Bank. In addition to that, Hangzhou Xili is 2.2 times more volatile than Agricultural Bank of. It trades about 0.04 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 269.00 in Agricultural Bank of on September 13, 2024 and sell it today you would earn a total of 228.00 from holding Agricultural Bank of or generate 84.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Hangzhou Xili Intelligent vs. Agricultural Bank of
Performance |
| Timeline |
| Hangzhou Xili Intelligent |
| Agricultural Bank |
Hangzhou Xili and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Xili and Agricultural Bank
The main advantage of trading using opposite Hangzhou Xili and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Xili 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.| Hangzhou Xili vs. Industrial and Commercial | Hangzhou Xili vs. Agricultural Bank of | Hangzhou Xili vs. China Construction Bank | Hangzhou Xili vs. Bank of China |
| Agricultural Bank vs. Industrial and Commercial | Agricultural Bank vs. China Construction Bank | Agricultural Bank vs. Bank of China | Agricultural Bank vs. PetroChina Co Ltd |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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