Correlation Between Penghua Shenzhen and Invengo Information
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By analyzing existing cross correlation between Penghua Shenzhen Energy and Invengo Information Technology, you can compare the effects of market volatilities on Penghua Shenzhen 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 Penghua Shenzhen with a short position of Invengo Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Penghua Shenzhen and Invengo Information.
Diversification Opportunities for Penghua Shenzhen and Invengo Information
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Penghua and Invengo is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Penghua Shenzhen Energy and Invengo Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invengo Information and Penghua Shenzhen 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 Penghua Shenzhen Energy 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 Penghua Shenzhen i.e., Penghua Shenzhen and Invengo Information go up and down completely randomly.
Pair Corralation between Penghua Shenzhen and Invengo Information
Assuming the 90 days trading horizon Penghua Shenzhen Energy is expected to generate 0.17 times more return on investment than Invengo Information. However, Penghua Shenzhen Energy is 5.76 times less risky than Invengo Information. It trades about -0.06 of its potential returns per unit of risk. Invengo Information Technology is currently generating about -0.28 per unit of risk. If you would invest 619.00 in Penghua Shenzhen Energy on October 20, 2024 and sell it today you would lose (5.00) from holding Penghua Shenzhen Energy or give up 0.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Penghua Shenzhen Energy vs. Invengo Information Technology
Performance |
| Timeline |
| Penghua Shenzhen Energy |
| Invengo Information |
Penghua Shenzhen and Invengo Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Penghua Shenzhen and Invengo Information
The main advantage of trading using opposite Penghua Shenzhen and Invengo Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Penghua Shenzhen 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.| Penghua Shenzhen vs. Industrial and Commercial | Penghua Shenzhen vs. Kweichow Moutai Co | Penghua Shenzhen vs. Agricultural Bank of | Penghua Shenzhen vs. PetroChina Co Ltd |
| Invengo Information vs. Hubei Yingtong Telecommunication | Invengo Information vs. Haima Automobile Group | Invengo Information vs. Shanghai Shuixing Home | Invengo Information vs. Zoy Home Furnishing |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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