Correlation Between Guangdong Jingyi and Invengo Information
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By analyzing existing cross correlation between Guangdong Jingyi Metal and Invengo Information Technology, you can compare the effects of market volatilities on Guangdong Jingyi and Invengo Information 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 Guangdong Jingyi with a short position of Invengo Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Jingyi and Invengo Information.
Diversification Opportunities for Guangdong Jingyi and Invengo Information
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Guangdong and Invengo is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Jingyi Metal and Invengo Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invengo Information and Guangdong Jingyi 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 Guangdong Jingyi Metal are associated (or correlated) with Invengo Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Invengo Information has no effect on the direction of Guangdong Jingyi i.e., Guangdong Jingyi and Invengo Information go up and down completely randomly.
Pair Corralation between Guangdong Jingyi and Invengo Information
Assuming the 90 days trading horizon Guangdong Jingyi is expected to generate 1.24 times less return on investment than Invengo Information. But when comparing it to its historical volatility, Guangdong Jingyi Metal is 2.22 times less risky than Invengo Information. It trades about 0.25 of its potential returns per unit of risk. Invengo Information Technology is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 522.00 in Invengo Information Technology on August 31, 2024 and sell it today you would earn a total of 84.00 from holding Invengo Information Technology or generate 16.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Jingyi Metal vs. Invengo Information Technology
Performance |
| Timeline |
| Guangdong Jingyi Metal |
| Invengo Information |
Guangdong Jingyi and Invengo Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Jingyi and Invengo Information
The main advantage of trading using opposite Guangdong Jingyi and Invengo Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Jingyi position performs unexpectedly, Invengo Information 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 Invengo Information will offset losses from the drop in Invengo Information's long position.| Guangdong Jingyi vs. Zijin Mining Group | Guangdong Jingyi vs. Baoshan Iron Steel | Guangdong Jingyi vs. Rongsheng Petrochemical Co |
| Invengo Information vs. Tianshan Aluminum Group | Invengo Information vs. Chison Medical Technologies | Invengo Information vs. Shandong Hongchuang Aluminum | Invengo Information vs. Guangdong Jingyi Metal |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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