Correlation Between Invengo Information and Chengdu B
Specify exactly 2 symbols:
By analyzing existing cross correlation between Invengo Information Technology and Chengdu B ray Media, you can compare the effects of market volatilities on Invengo Information and Chengdu B 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 Chengdu B. Check out your portfolio center. Please also check ongoing floating volatility patterns of Invengo Information and Chengdu B.
Diversification Opportunities for Invengo Information and Chengdu B
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Invengo and Chengdu is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Invengo Information Technology and Chengdu B ray Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu B ray 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 Chengdu B. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu B ray has no effect on the direction of Invengo Information i.e., Invengo Information and Chengdu B go up and down completely randomly.
Pair Corralation between Invengo Information and Chengdu B
Assuming the 90 days trading horizon Invengo Information Technology is expected to under-perform the Chengdu B. But the stock apears to be less risky and, when comparing its historical volatility, Invengo Information Technology is 1.34 times less risky than Chengdu B. The stock trades about -0.05 of its potential returns per unit of risk. The Chengdu B ray Media is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 497.00 in Chengdu B ray Media on October 30, 2024 and sell it today you would lose (48.00) from holding Chengdu B ray Media or give up 9.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Invengo Information Technology vs. Chengdu B ray Media
Performance |
| Timeline |
| Invengo Information |
| Chengdu B ray |
Invengo Information and Chengdu B Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Invengo Information and Chengdu B
The main advantage of trading using opposite Invengo Information and Chengdu B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Invengo Information position performs unexpectedly, Chengdu B 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 Chengdu B will offset losses from the drop in Chengdu B's 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 |
| Chengdu B vs. Silkroad Visual Technology | Chengdu B vs. Guangzhou Tinci Materials | Chengdu B vs. Swancor Advanced Materials | Chengdu B vs. Shanghai Broadband 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |