Correlation Between Agricultural Bank and Allmed Medical
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By analyzing existing cross correlation between Agricultural Bank of and Allmed Medical Products, you can compare the effects of market volatilities on Agricultural Bank and Allmed Medical 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 Allmed Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Allmed Medical.
Diversification Opportunities for Agricultural Bank and Allmed Medical
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Agricultural and Allmed is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Allmed Medical Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allmed Medical Products 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 Allmed Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allmed Medical Products has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Allmed Medical go up and down completely randomly.
Pair Corralation between Agricultural Bank and Allmed Medical
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.6 times more return on investment than Allmed Medical. However, Agricultural Bank of is 1.65 times less risky than Allmed Medical. It trades about 0.11 of its potential returns per unit of risk. Allmed Medical Products is currently generating about -0.02 per unit of risk. If you would invest 273.00 in Agricultural Bank of on September 20, 2024 and sell it today you would earn a total of 237.00 from holding Agricultural Bank of or generate 86.81% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Agricultural Bank of vs. Allmed Medical Products
Performance |
Timeline |
Agricultural Bank |
Allmed Medical Products |
Agricultural Bank and Allmed Medical Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Agricultural Bank and Allmed Medical
The main advantage of trading using opposite Agricultural Bank and Allmed Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Allmed Medical 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 Allmed Medical will offset losses from the drop in Allmed Medical's long position.Agricultural Bank vs. Allgens Medical Technology | Agricultural Bank vs. Allmed Medical Products | Agricultural Bank vs. Hubei Forbon Technology | Agricultural Bank vs. ROPEOK Technology Group |
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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