Correlation Between Invengo Information and Shandong Sinoglory
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By analyzing existing cross correlation between Invengo Information Technology and Shandong Sinoglory Health, you can compare the effects of market volatilities on Invengo Information and Shandong Sinoglory 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 Invengo Information with a short position of Shandong Sinoglory. Check out your portfolio center. Please also check ongoing floating volatility patterns of Invengo Information and Shandong Sinoglory.
Diversification Opportunities for Invengo Information and Shandong Sinoglory
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Invengo and Shandong is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Invengo Information Technology and Shandong Sinoglory Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Sinoglory Health and Invengo Information 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 Invengo Information Technology are associated (or correlated) with Shandong Sinoglory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Sinoglory Health has no effect on the direction of Invengo Information i.e., Invengo Information and Shandong Sinoglory go up and down completely randomly.
Pair Corralation between Invengo Information and Shandong Sinoglory
Assuming the 90 days trading horizon Invengo Information Technology is expected to generate 1.35 times more return on investment than Shandong Sinoglory. However, Invengo Information is 1.35 times more volatile than Shandong Sinoglory Health. It trades about 0.02 of its potential returns per unit of risk. Shandong Sinoglory Health is currently generating about -0.01 per unit of risk. If you would invest 576.00 in Invengo Information Technology on September 26, 2024 and sell it today you would earn a total of 45.00 from holding Invengo Information Technology or generate 7.81% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Invengo Information Technology vs. Shandong Sinoglory Health
Performance |
Timeline |
Invengo Information |
Shandong Sinoglory Health |
Invengo Information and Shandong Sinoglory Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Invengo Information and Shandong Sinoglory
The main advantage of trading using opposite Invengo Information and Shandong Sinoglory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Invengo Information position performs unexpectedly, Shandong Sinoglory 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 Shandong Sinoglory will offset losses from the drop in Shandong Sinoglory's long position.Invengo Information vs. Industrial and Commercial | Invengo Information vs. China Construction Bank | Invengo Information vs. Agricultural Bank of | Invengo Information vs. Bank of China |
Shandong Sinoglory vs. JCHX Mining Management | Shandong Sinoglory vs. Zhejiang Publishing Media | Shandong Sinoglory vs. Invengo Information Technology | Shandong Sinoglory vs. Northern United Publishing |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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