Correlation Between CardieX and Agricultural Bank
Can any of the company-specific risk be diversified away by investing in both CardieX and Agricultural Bank at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining CardieX and Agricultural Bank into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CardieX Limited and Agricultural Bank, you can compare the effects of market volatilities on CardieX 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 CardieX with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of CardieX and Agricultural Bank.
Diversification Opportunities for CardieX and Agricultural Bank
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CardieX and Agricultural is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CardieX Limited and Agricultural Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and CardieX 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 CardieX Limited 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 CardieX i.e., CardieX and Agricultural Bank go up and down completely randomly.
Pair Corralation between CardieX and Agricultural Bank
If you would invest 38.00 in Agricultural Bank on January 25, 2024 and sell it today you would earn a total of 6.00 from holding Agricultural Bank or generate 15.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
CardieX Limited vs. Agricultural Bank
Performance |
| Timeline |
| CardieX Limited |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Agricultural Bank |
CardieX and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CardieX and Agricultural Bank
The main advantage of trading using opposite CardieX and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CardieX 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.| CardieX vs. Arrow Electronics | CardieX vs. Boyd Gaming | CardieX vs. Empire Global Gaming | CardieX vs. Valneva SE ADR |
| Agricultural Bank vs. ANZ Group Holdings | Agricultural Bank vs. National Australia Bank | Agricultural Bank vs. Bank of America | Agricultural Bank vs. Bank of America |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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