Correlation Between Agricultural Bank and GalaxyCore
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By analyzing existing cross correlation between Agricultural Bank of and GalaxyCore, you can compare the effects of market volatilities on Agricultural Bank and GalaxyCore 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 GalaxyCore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agricultural Bank and GalaxyCore.
Diversification Opportunities for Agricultural Bank and GalaxyCore
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Agricultural and GalaxyCore is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Agricultural Bank of and GalaxyCore in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GalaxyCore 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 GalaxyCore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GalaxyCore has no effect on the direction of Agricultural Bank i.e., Agricultural Bank and GalaxyCore go up and down completely randomly.
Pair Corralation between Agricultural Bank and GalaxyCore
Assuming the 90 days trading horizon Agricultural Bank of is expected to generate 0.39 times more return on investment than GalaxyCore. However, Agricultural Bank of is 2.56 times less risky than GalaxyCore. It trades about 0.35 of its potential returns per unit of risk. GalaxyCore is currently generating about -0.16 per unit of risk. If you would invest 475.00 in Agricultural Bank of on September 20, 2024 and sell it today you would earn a total of 35.00 from holding Agricultural Bank of or generate 7.37% 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. GalaxyCore
Performance |
Timeline |
Agricultural Bank |
GalaxyCore |
Agricultural Bank and GalaxyCore Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Agricultural Bank and GalaxyCore
The main advantage of trading using opposite Agricultural Bank and GalaxyCore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agricultural Bank position performs unexpectedly, GalaxyCore 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 GalaxyCore will offset losses from the drop in GalaxyCore'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 |
GalaxyCore vs. Industrial and Commercial | GalaxyCore vs. Agricultural Bank of | GalaxyCore vs. China Construction Bank | GalaxyCore vs. Bank of China |
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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