Correlation Between Fujian Anjoy and Invengo Information
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By analyzing existing cross correlation between Fujian Anjoy Foods and Invengo Information Technology, you can compare the effects of market volatilities on Fujian Anjoy 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 Fujian Anjoy with a short position of Invengo Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Anjoy and Invengo Information.
Diversification Opportunities for Fujian Anjoy and Invengo Information
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Fujian and Invengo is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Anjoy Foods and Invengo Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invengo Information and Fujian Anjoy 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 Fujian Anjoy Foods 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 Fujian Anjoy i.e., Fujian Anjoy and Invengo Information go up and down completely randomly.
Pair Corralation between Fujian Anjoy and Invengo Information
Assuming the 90 days trading horizon Fujian Anjoy Foods is expected to generate 0.44 times more return on investment than Invengo Information. However, Fujian Anjoy Foods is 2.28 times less risky than Invengo Information. It trades about -0.33 of its potential returns per unit of risk. Invengo Information Technology is currently generating about -0.2 per unit of risk. If you would invest 8,587 in Fujian Anjoy Foods on October 18, 2024 and sell it today you would lose (908.00) from holding Fujian Anjoy Foods or give up 10.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Anjoy Foods vs. Invengo Information Technology
Performance |
| Timeline |
| Fujian Anjoy Foods |
| Invengo Information |
Fujian Anjoy and Invengo Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Anjoy and Invengo Information
The main advantage of trading using opposite Fujian Anjoy and Invengo Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Anjoy 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.| Fujian Anjoy vs. Yangmei Chemical Co | Fujian Anjoy vs. Tongyu Communication | Fujian Anjoy vs. Ningxia Younglight Chemicals | Fujian Anjoy vs. Liaoning Dingjide Petrochemical |
| Invengo Information vs. Shanghai Ziyan Foods | Invengo Information vs. Xiwang Foodstuffs Co | Invengo Information vs. Wuxi Chemical Equipment | Invengo Information vs. Hengli Petrochemical 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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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