Correlation Between Invengo Information and Yonyou Auto
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By analyzing existing cross correlation between Invengo Information Technology and Yonyou Auto Information, you can compare the effects of market volatilities on Invengo Information and Yonyou Auto 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 Yonyou Auto. Check out your portfolio center. Please also check ongoing floating volatility patterns of Invengo Information and Yonyou Auto.
Diversification Opportunities for Invengo Information and Yonyou Auto
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Invengo and Yonyou is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Invengo Information Technology and Yonyou Auto Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yonyou Auto Information 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 Yonyou Auto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yonyou Auto Information has no effect on the direction of Invengo Information i.e., Invengo Information and Yonyou Auto go up and down completely randomly.
Pair Corralation between Invengo Information and Yonyou Auto
Assuming the 90 days trading horizon Invengo Information Technology is expected to generate 1.21 times more return on investment than Yonyou Auto. However, Invengo Information is 1.21 times more volatile than Yonyou Auto Information. It trades about 0.03 of its potential returns per unit of risk. Yonyou Auto Information is currently generating about -0.01 per unit of risk. If you would invest 557.00 in Invengo Information Technology on September 1, 2024 and sell it today you would earn a total of 43.00 from holding Invengo Information Technology or generate 7.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Invengo Information Technology vs. Yonyou Auto Information
Performance |
| Timeline |
| Invengo Information |
| Yonyou Auto Information |
Invengo Information and Yonyou Auto Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Invengo Information and Yonyou Auto
The main advantage of trading using opposite Invengo Information and Yonyou Auto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Invengo Information position performs unexpectedly, Yonyou Auto 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 Yonyou Auto will offset losses from the drop in Yonyou Auto's long position.| Invengo Information vs. Western Mining Co | Invengo Information vs. Jiangxi Naipu Mining | Invengo Information vs. Chenzhou Jingui Silver | Invengo Information vs. Chengtun Mining Group |
| Yonyou Auto vs. Ningbo Kangqiang Electronics | Yonyou Auto vs. Wuhan Yangtze Communication | Yonyou Auto vs. CSSC Offshore Marine | Yonyou Auto vs. Zhejiang JIULI Hi tech |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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