Correlation Between Invengo Information and Konfoong Materials
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By analyzing existing cross correlation between Invengo Information Technology and Konfoong Materials International, you can compare the effects of market volatilities on Invengo Information and Konfoong Materials 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 Konfoong Materials. Check out your portfolio center. Please also check ongoing floating volatility patterns of Invengo Information and Konfoong Materials.
Diversification Opportunities for Invengo Information and Konfoong Materials
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Invengo and Konfoong is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Invengo Information Technology and Konfoong Materials Internation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Konfoong Materials 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 Konfoong Materials. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Konfoong Materials has no effect on the direction of Invengo Information i.e., Invengo Information and Konfoong Materials go up and down completely randomly.
Pair Corralation between Invengo Information and Konfoong Materials
Assuming the 90 days trading horizon Invengo Information Technology is expected to under-perform the Konfoong Materials. In addition to that, Invengo Information is 1.6 times more volatile than Konfoong Materials International. It trades about -0.05 of its total potential returns per unit of risk. Konfoong Materials International is currently generating about -0.07 per unit of volatility. If you would invest 7,546 in Konfoong Materials International on October 30, 2024 and sell it today you would lose (517.00) from holding Konfoong Materials International or give up 6.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Invengo Information Technology vs. Konfoong Materials Internation
Performance |
| Timeline |
| Invengo Information |
| Konfoong Materials |
Invengo Information and Konfoong Materials Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Invengo Information and Konfoong Materials
The main advantage of trading using opposite Invengo Information and Konfoong Materials positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Invengo Information position performs unexpectedly, Konfoong Materials 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 Konfoong Materials will offset losses from the drop in Konfoong Materials' long position.| Invengo Information vs. UE Furniture Co | Invengo Information vs. Hangzhou Pinming Software | Invengo Information vs. Mengtian Home Group | Invengo Information vs. Easyhome New Retail |
| Konfoong Materials vs. Jiangsu Financial Leasing | Konfoong Materials vs. Zhejiang Construction Investment | Konfoong Materials vs. Zhejiang Publishing Media | Konfoong Materials vs. Beijing Kaiwen Education |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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