Correlation Between Chengtun Mining and Invengo Information
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By analyzing existing cross correlation between Chengtun Mining Group and Invengo Information Technology, you can compare the effects of market volatilities on Chengtun Mining 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 Chengtun Mining with a short position of Invengo Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengtun Mining and Invengo Information.
Diversification Opportunities for Chengtun Mining and Invengo Information
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Chengtun and Invengo is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Chengtun Mining Group and Invengo Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invengo Information and Chengtun Mining 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 Chengtun Mining Group 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 Chengtun Mining i.e., Chengtun Mining and Invengo Information go up and down completely randomly.
Pair Corralation between Chengtun Mining and Invengo Information
Assuming the 90 days trading horizon Chengtun Mining Group is expected to generate 0.51 times more return on investment than Invengo Information. However, Chengtun Mining Group is 1.97 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 -0.07 per unit of risk. If you would invest 486.00 in Chengtun Mining Group on November 1, 2024 and sell it today you would earn a total of 20.00 from holding Chengtun Mining Group or generate 4.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengtun Mining Group vs. Invengo Information Technology
Performance |
| Timeline |
| Chengtun Mining Group |
| Invengo Information |
Chengtun Mining and Invengo Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengtun Mining and Invengo Information
The main advantage of trading using opposite Chengtun Mining and Invengo Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengtun Mining 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.| Chengtun Mining vs. Zijin Mining Group | Chengtun Mining vs. Wanhua Chemical Group | Chengtun Mining vs. Baoshan Iron Steel | Chengtun Mining vs. Shandong Gold Mining |
| Invengo Information vs. Hubei Geoway Investment | Invengo Information vs. Postal Savings Bank | Invengo Information vs. Zijin Mining Group | Invengo Information vs. Hunan Investment Group |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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