Correlation Between INKON Life and Industrial
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By analyzing existing cross correlation between INKON Life Technology and Industrial and Commercial, you can compare the effects of market volatilities on INKON Life and Industrial 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 INKON Life with a short position of Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of INKON Life and Industrial.
Diversification Opportunities for INKON Life and Industrial
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between INKON and Industrial is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding INKON Life Technology and Industrial and Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial and Commercial and INKON Life 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 INKON Life Technology are associated (or correlated) with Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial and Commercial has no effect on the direction of INKON Life i.e., INKON Life and Industrial go up and down completely randomly.
Pair Corralation between INKON Life and Industrial
Assuming the 90 days trading horizon INKON Life Technology is expected to generate 2.56 times more return on investment than Industrial. However, INKON Life is 2.56 times more volatile than Industrial and Commercial. It trades about 0.09 of its potential returns per unit of risk. Industrial and Commercial is currently generating about 0.07 per unit of risk. If you would invest 733.00 in INKON Life Technology on September 5, 2024 and sell it today you would earn a total of 276.00 from holding INKON Life Technology or generate 37.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
INKON Life Technology vs. Industrial and Commercial
Performance |
| Timeline |
| INKON Life Technology |
| Industrial and Commercial |
INKON Life and Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INKON Life and Industrial
The main advantage of trading using opposite INKON Life and Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INKON Life position performs unexpectedly, Industrial 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 Industrial will offset losses from the drop in Industrial's long position.| INKON Life vs. Industrial and Commercial | INKON Life vs. China Construction Bank | INKON Life vs. Bank of China | INKON Life vs. Agricultural Bank of |
| Industrial vs. Sichuan Hebang Biotechnology | Industrial vs. Bloomage Biotechnology Corp | Industrial vs. Liaoning Chengda Biotechnology | Industrial vs. BCEG Environmental Remediation |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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