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
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Agricultural and GalaxyCore is -0.11. 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 under-perform the GalaxyCore. But the stock apears to be less risky and, when comparing its historical volatility, Agricultural Bank of is 2.63 times less risky than GalaxyCore. The stock trades about -0.02 of its potential returns per unit of risk. The GalaxyCore is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 1,244 in GalaxyCore on December 11, 2024 and sell it today you would earn a total of 331.00 from holding GalaxyCore or generate 26.61% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
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. Wonders Information | Agricultural Bank vs. Silkroad Visual Technology | Agricultural Bank vs. Guangzhou Ruoyuchen Information | Agricultural Bank vs. iSoftStone Information Technology |
GalaxyCore vs. Pinlive Foods Co | GalaxyCore vs. Shanghai Ziyan Foods | GalaxyCore vs. Eastroc Beverage Group | GalaxyCore vs. Jiangsu Xinri E Vehicle |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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