Correlation Between Invengo Information and Tianjin Hi
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By analyzing existing cross correlation between Invengo Information Technology and Tianjin Hi Tech Development, you can compare the effects of market volatilities on Invengo Information and Tianjin Hi 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 Tianjin Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Invengo Information and Tianjin Hi.
Diversification Opportunities for Invengo Information and Tianjin Hi
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Invengo and Tianjin is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Invengo Information Technology and Tianjin Hi Tech Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Hi Tech 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 Tianjin Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Hi Tech has no effect on the direction of Invengo Information i.e., Invengo Information and Tianjin Hi go up and down completely randomly.
Pair Corralation between Invengo Information and Tianjin Hi
Assuming the 90 days trading horizon Invengo Information Technology is expected to under-perform the Tianjin Hi. In addition to that, Invengo Information is 1.19 times more volatile than Tianjin Hi Tech Development. It trades about -0.2 of its total potential returns per unit of risk. Tianjin Hi Tech Development is currently generating about 0.08 per unit of volatility. If you would invest 284.00 in Tianjin Hi Tech Development on October 22, 2024 and sell it today you would earn a total of 10.00 from holding Tianjin Hi Tech Development or generate 3.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Invengo Information Technology vs. Tianjin Hi Tech Development
Performance |
| Timeline |
| Invengo Information |
| Tianjin Hi Tech |
Invengo Information and Tianjin Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Invengo Information and Tianjin Hi
The main advantage of trading using opposite Invengo Information and Tianjin Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Invengo Information position performs unexpectedly, Tianjin Hi 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 Tianjin Hi will offset losses from the drop in Tianjin Hi's long position.| Invengo Information vs. Easyhome New Retail | Invengo Information vs. Zoy Home Furnishing | Invengo Information vs. Zoje Resources Investment | Invengo Information vs. Nanjing OLO Home |
| Tianjin Hi vs. Sublime China Information | Tianjin Hi vs. Zhuhai Comleader Information | Tianjin Hi vs. Invengo Information Technology | Tianjin Hi vs. Hangzhou Gisway Information |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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