Correlation Between Invengo Information and Shanghai Jin
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By analyzing existing cross correlation between Invengo Information Technology and Shanghai Jin Jiang, you can compare the effects of market volatilities on Invengo Information and Shanghai Jin 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 Shanghai Jin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Invengo Information and Shanghai Jin.
Diversification Opportunities for Invengo Information and Shanghai Jin
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Invengo and Shanghai is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Invengo Information Technology and Shanghai Jin Jiang in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Jin Jiang 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 Shanghai Jin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Jin Jiang has no effect on the direction of Invengo Information i.e., Invengo Information and Shanghai Jin go up and down completely randomly.
Pair Corralation between Invengo Information and Shanghai Jin
Assuming the 90 days trading horizon Invengo Information Technology is expected to generate 0.89 times more return on investment than Shanghai Jin. However, Invengo Information Technology is 1.12 times less risky than Shanghai Jin. It trades about 0.38 of its potential returns per unit of risk. Shanghai Jin Jiang is currently generating about 0.01 per unit of risk. If you would invest 546.00 in Invengo Information Technology on November 28, 2024 and sell it today you would earn a total of 63.00 from holding Invengo Information Technology or generate 11.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 94.12% |
| Values | Daily Returns |
Invengo Information Technology vs. Shanghai Jin Jiang
Performance |
| Timeline |
| Invengo Information |
| Shanghai Jin Jiang |
Invengo Information and Shanghai Jin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Invengo Information and Shanghai Jin
The main advantage of trading using opposite Invengo Information and Shanghai Jin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Invengo Information position performs unexpectedly, Shanghai Jin 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 Shanghai Jin will offset losses from the drop in Shanghai Jin's long position.| Invengo Information vs. Ming Yang Smart | Invengo Information vs. 159681 | Invengo Information vs. 159005 | Invengo Information vs. Loctek Ergonomic Technology |
| Shanghai Jin vs. China Eastern Airlines | Shanghai Jin vs. Wangneng Environment Co | Shanghai Jin vs. Changjiang Jinggong Steel | Shanghai Jin vs. Aofu Environmental 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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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