Correlation Between Agricultural Bank and Sungrow Power
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By analyzing existing cross correlation between Agricultural Bank of and Sungrow Power Supply, you can compare the effects of market volatilities on Agricultural Bank and Sungrow Power 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 Sungrow Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and Sungrow Power.
Diversification Opportunities for Agricultural Bank and Sungrow Power
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Agricultural and Sungrow is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and Sungrow Power Supply in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sungrow Power Supply 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 Sungrow Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sungrow Power Supply has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and Sungrow Power go up and down completely randomly.
Pair Corralation between Agricultural Bank and Sungrow Power
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.38 times more return on investment than Sungrow Power. However, Agricultural Bank of is 2.65 times less risky than Sungrow Power. It trades about 0.11 of its potential returns per unit of risk. Sungrow Power Supply is currently generating about -0.22 per unit of risk. If you would invest 476.00 in Agricultural Bank of on October 5, 2024 and sell it today you would earn a total of 44.00 from holding Agricultural Bank of or generate 9.24% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Agricultural Bank of vs. Sungrow Power Supply
Performance |
Timeline |
Agricultural Bank |
Sungrow Power Supply |
Agricultural Bank and Sungrow Power Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Agricultural Bank and Sungrow Power
The main advantage of trading using opposite Agricultural Bank and Sungrow Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, Sungrow Power 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 Sungrow Power will offset losses from the drop in Sungrow Power's long position.Agricultural Bank vs. BeiGene | Agricultural Bank vs. Kweichow Moutai Co | Agricultural Bank vs. Beijing Roborock Technology | Agricultural Bank vs. G bits Network 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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