Correlation Between Shenyang Huitian and Agricultural Bank
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By analyzing existing cross correlation between Shenyang Huitian Thermal and Agricultural Bank of, you can compare the effects of market volatilities on Shenyang Huitian 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 Shenyang Huitian with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and Agricultural Bank.
Diversification Opportunities for Shenyang Huitian and Agricultural Bank
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenyang and Agricultural is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Shenyang Huitian 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 Shenyang Huitian Thermal 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 Shenyang Huitian i.e., Shenyang Huitian and Agricultural Bank go up and down completely randomly.
Pair Corralation between Shenyang Huitian and Agricultural Bank
Assuming the 90 days trading horizon Shenyang Huitian Thermal is expected to generate 4.16 times more return on investment than Agricultural Bank. However, Shenyang Huitian is 4.16 times more volatile than Agricultural Bank of. It trades about 0.17 of its potential returns per unit of risk. Agricultural Bank of is currently generating about 0.33 per unit of risk. If you would invest 369.00 in Shenyang Huitian Thermal on September 24, 2024 and sell it today you would earn a total of 47.00 from holding Shenyang Huitian Thermal or generate 12.74% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Shenyang Huitian Thermal vs. Agricultural Bank of
Performance |
Timeline |
Shenyang Huitian Thermal |
Agricultural Bank |
Shenyang Huitian and Agricultural Bank Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shenyang Huitian and Agricultural Bank
The main advantage of trading using opposite Shenyang Huitian and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian 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.Shenyang Huitian vs. Agricultural Bank of | Shenyang Huitian vs. Industrial and Commercial | Shenyang Huitian vs. Bank of China | Shenyang Huitian vs. PetroChina Co Ltd |
Agricultural Bank vs. Guocheng Mining Co | Agricultural Bank vs. Sino Platinum Metals Co | Agricultural Bank vs. Guangdong Jinma Entertainment | Agricultural Bank vs. Shenyang Huitian Thermal |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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