Correlation Between Invengo Information and Beijing Yanjing
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By analyzing existing cross correlation between Invengo Information Technology and Beijing Yanjing Brewery, you can compare the effects of market volatilities on Invengo Information and Beijing Yanjing 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 Beijing Yanjing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Invengo Information and Beijing Yanjing.
Diversification Opportunities for Invengo Information and Beijing Yanjing
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Invengo and Beijing is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Invengo Information Technology and Beijing Yanjing Brewery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Yanjing Brewery 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 Beijing Yanjing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Yanjing Brewery has no effect on the direction of Invengo Information i.e., Invengo Information and Beijing Yanjing go up and down completely randomly.
Pair Corralation between Invengo Information and Beijing Yanjing
Assuming the 90 days trading horizon Invengo Information Technology is expected to generate 3.59 times more return on investment than Beijing Yanjing. However, Invengo Information is 3.59 times more volatile than Beijing Yanjing Brewery. It trades about 0.08 of its potential returns per unit of risk. Beijing Yanjing Brewery is currently generating about 0.06 per unit of risk. If you would invest 564.00 in Invengo Information Technology on September 3, 2024 and sell it today you would earn a total of 36.00 from holding Invengo Information Technology or generate 6.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Invengo Information Technology vs. Beijing Yanjing Brewery
Performance |
| Timeline |
| Invengo Information |
| Beijing Yanjing Brewery |
Invengo Information and Beijing Yanjing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Invengo Information and Beijing Yanjing
The main advantage of trading using opposite Invengo Information and Beijing Yanjing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Invengo Information position performs unexpectedly, Beijing Yanjing 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 Beijing Yanjing will offset losses from the drop in Beijing Yanjing's long position.| Invengo Information vs. Ningbo MedicalSystem Biotechnology | Invengo Information vs. Qilu Bank Co | Invengo Information vs. Bloomage Biotechnology Corp | Invengo Information vs. Shandong Longquan Pipeline |
| Beijing Yanjing vs. CITIC Guoan Information | Beijing Yanjing vs. State Grid InformationCommunication | Beijing Yanjing vs. Guosheng Financial Holding | Beijing Yanjing vs. Invengo Information 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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