Correlation Between Huayi Brothers and Agricultural Bank
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By analyzing existing cross correlation between Huayi Brothers Media and Agricultural Bank of, you can compare the effects of market volatilities on Huayi Brothers 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 Huayi Brothers with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Huayi Brothers and Agricultural Bank.
Diversification Opportunities for Huayi Brothers and Agricultural Bank
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Huayi and Agricultural is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Huayi Brothers Media and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Huayi Brothers 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 Huayi Brothers Media 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 Huayi Brothers i.e., Huayi Brothers and Agricultural Bank go up and down completely randomly.
Pair Corralation between Huayi Brothers and Agricultural Bank
Assuming the 90 days trading horizon Huayi Brothers Media is expected to under-perform the Agricultural Bank. In addition to that, Huayi Brothers is 3.27 times more volatile than Agricultural Bank of. It trades about -0.02 of its total potential returns per unit of risk. Agricultural Bank of is currently generating about 0.06 per unit of volatility. If you would invest 484.00 in Agricultural Bank of on October 21, 2024 and sell it today you would earn a total of 21.00 from holding Agricultural Bank of or generate 4.34% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Huayi Brothers Media vs. Agricultural Bank of
Performance |
Timeline |
Huayi Brothers Media |
Agricultural Bank |
Huayi Brothers and Agricultural Bank Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Huayi Brothers and Agricultural Bank
The main advantage of trading using opposite Huayi Brothers and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Huayi Brothers 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.Huayi Brothers vs. 360 Security Technology | ||
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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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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