Correlation Between Citic Offshore and Invengo Information
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By analyzing existing cross correlation between Citic Offshore Helicopter and Invengo Information Technology, you can compare the effects of market volatilities on Citic Offshore and Invengo Information 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 Citic Offshore with a short position of Invengo Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citic Offshore and Invengo Information.
Diversification Opportunities for Citic Offshore and Invengo Information
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Citic and Invengo is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Citic Offshore Helicopter and Invengo Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invengo Information and Citic Offshore 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 Citic Offshore Helicopter are associated (or correlated) with Invengo Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Invengo Information has no effect on the direction of Citic Offshore i.e., Citic Offshore and Invengo Information go up and down completely randomly.
Pair Corralation between Citic Offshore and Invengo Information
Assuming the 90 days trading horizon Citic Offshore Helicopter is expected to under-perform the Invengo Information. In addition to that, Citic Offshore is 1.17 times more volatile than Invengo Information Technology. It trades about -0.23 of its total potential returns per unit of risk. Invengo Information Technology is currently generating about -0.07 per unit of volatility. If you would invest 587.00 in Invengo Information Technology on October 29, 2024 and sell it today you would lose (27.00) from holding Invengo Information Technology or give up 4.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citic Offshore Helicopter vs. Invengo Information Technology
Performance |
| Timeline |
| Citic Offshore Helicopter |
| Invengo Information |
Citic Offshore and Invengo Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citic Offshore and Invengo Information
The main advantage of trading using opposite Citic Offshore and Invengo Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citic Offshore position performs unexpectedly, Invengo Information 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 Invengo Information will offset losses from the drop in Invengo Information's long position.| Citic Offshore vs. Linewell Software Co | Citic Offshore vs. Haima Automobile Group | Citic Offshore vs. Beijing Bewinner Communications | Citic Offshore vs. Songz Automobile Air |
| Invengo Information vs. Time Publishing and | Invengo Information vs. Shenzhen Topway Video | Invengo Information vs. Shanghai CEO Environmental | Invengo Information vs. Offcn Education Technology |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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