Correlation Between Agricultural Bank and Jason Furniture
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By analyzing existing cross correlation between Agricultural Bank of and Jason Furniture, you can compare the effects of market volatilities on Agricultural Bank and Jason Furniture 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 Agricultural Bank with a short position of Jason Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Jason Furniture.
Diversification Opportunities for Agricultural Bank and Jason Furniture
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Agricultural and Jason is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Jason Furniture in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jason Furniture and Agricultural Bank 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 Agricultural Bank of are associated (or correlated) with Jason Furniture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jason Furniture has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Jason Furniture go up and down completely randomly.
Pair Corralation between Agricultural Bank and Jason Furniture
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.33 times more return on investment than Jason Furniture. However, Agricultural Bank of is 2.99 times less risky than Jason Furniture. It trades about 0.33 of its potential returns per unit of risk. Jason Furniture is currently generating about 0.08 per unit of risk. If you would invest 473.00 in Agricultural Bank of on September 24, 2024 and sell it today you would earn a total of 31.00 from holding Agricultural Bank of or generate 6.55% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Agricultural Bank of vs. Jason Furniture
Performance |
Timeline |
Agricultural Bank |
Jason Furniture |
Agricultural Bank and Jason Furniture Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Agricultural Bank and Jason Furniture
The main advantage of trading using opposite Agricultural Bank and Jason Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Jason Furniture 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 Jason Furniture will offset losses from the drop in Jason Furniture's long position.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 |
Jason Furniture vs. Agricultural Bank of | Jason Furniture vs. Industrial and Commercial | Jason Furniture vs. Bank of China | Jason Furniture vs. China Construction Bank |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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