Correlation Between Keeson Technology and Invengo Information
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By analyzing existing cross correlation between Keeson Technology Corp and Invengo Information Technology, you can compare the effects of market volatilities on Keeson Technology 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 Keeson Technology with a short position of Invengo Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and Invengo Information.
Diversification Opportunities for Keeson Technology and Invengo Information
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Keeson and Invengo is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology 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 Keeson Technology 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 Keeson Technology 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 Keeson Technology i.e., Keeson Technology and Invengo Information go up and down completely randomly.
Pair Corralation between Keeson Technology and Invengo Information
Assuming the 90 days trading horizon Keeson Technology Corp is expected to under-perform the Invengo Information. But the stock apears to be less risky and, when comparing its historical volatility, Keeson Technology Corp is 1.23 times less risky than Invengo Information. The stock trades about 0.0 of its potential returns per unit of risk. The Invengo Information Technology is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 557.00 in Invengo Information Technology on September 1, 2024 and sell it today you would earn a total of 43.00 from holding Invengo Information Technology or generate 7.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keeson Technology Corp vs. Invengo Information Technology
Performance |
| Timeline |
| Keeson Technology Corp |
| Invengo Information |
Keeson Technology and Invengo Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and Invengo Information
The main advantage of trading using opposite Keeson Technology and Invengo Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology 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.| Keeson Technology vs. Youyou Foods Co | Keeson Technology vs. HaiXin Foods Co | Keeson Technology vs. Nexchip Semiconductor Corp | Keeson Technology vs. Anhui Gujing Distillery |
| Invengo Information vs. Western Mining Co | Invengo Information vs. Jiangxi Naipu Mining | Invengo Information vs. Chenzhou Jingui Silver | Invengo Information vs. Chengtun Mining 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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