Correlation Between Panda Dairy and Invengo Information
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By analyzing existing cross correlation between Panda Dairy Corp and Invengo Information Technology, you can compare the effects of market volatilities on Panda Dairy 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 Panda Dairy with a short position of Invengo Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Panda Dairy and Invengo Information.
Diversification Opportunities for Panda Dairy and Invengo Information
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Panda and Invengo is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Panda Dairy Corp and Invengo Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invengo Information and Panda Dairy 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 Panda Dairy Corp 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 Panda Dairy i.e., Panda Dairy and Invengo Information go up and down completely randomly.
Pair Corralation between Panda Dairy and Invengo Information
Assuming the 90 days trading horizon Panda Dairy Corp is expected to generate 1.18 times more return on investment than Invengo Information. However, Panda Dairy is 1.18 times more volatile than Invengo Information Technology. It trades about 0.02 of its potential returns per unit of risk. Invengo Information Technology is currently generating about 0.0 per unit of risk. If you would invest 2,180 in Panda Dairy Corp on October 16, 2024 and sell it today you would earn a total of 156.00 from holding Panda Dairy Corp or generate 7.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Panda Dairy Corp vs. Invengo Information Technology
Performance |
| Timeline |
| Panda Dairy Corp |
| Invengo Information |
Panda Dairy and Invengo Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Panda Dairy and Invengo Information
The main advantage of trading using opposite Panda Dairy and Invengo Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Panda Dairy 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.| Panda Dairy vs. Youyou Foods Co | Panda Dairy vs. Suzhou Douson Drilling | Panda Dairy vs. Xiwang Foodstuffs Co | Panda Dairy vs. Fujian Nanwang Environment |
| Invengo Information vs. Anhui Deli Household | Invengo Information vs. Techshine Electronics Co | Invengo Information vs. Marssenger Kitchenware Co | Invengo Information vs. Guocheng Mining Co |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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