Correlation Between Zoy Home and Invengo Information
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By analyzing existing cross correlation between Zoy Home Furnishing and Invengo Information Technology, you can compare the effects of market volatilities on Zoy Home 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 Zoy Home with a short position of Invengo Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zoy Home and Invengo Information.
Diversification Opportunities for Zoy Home and Invengo Information
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Zoy and Invengo is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Zoy Home Furnishing and Invengo Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invengo Information and Zoy Home 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 Zoy Home Furnishing 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 Zoy Home i.e., Zoy Home and Invengo Information go up and down completely randomly.
Pair Corralation between Zoy Home and Invengo Information
Assuming the 90 days trading horizon Zoy Home Furnishing is expected to generate 1.19 times more return on investment than Invengo Information. However, Zoy Home is 1.19 times more volatile than Invengo Information Technology. It trades about 0.07 of its potential returns per unit of risk. Invengo Information Technology is currently generating about 0.03 per unit of risk. If you would invest 1,098 in Zoy Home Furnishing on November 2, 2024 and sell it today you would earn a total of 36.00 from holding Zoy Home Furnishing or generate 3.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zoy Home Furnishing vs. Invengo Information Technology
Performance |
| Timeline |
| Zoy Home Furnishing |
| Invengo Information |
Zoy Home and Invengo Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zoy Home and Invengo Information
The main advantage of trading using opposite Zoy Home and Invengo Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zoy Home 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.| Zoy Home vs. Harvest Fund Management | Zoy Home vs. Dazhong Transportation Group | Zoy Home vs. Shandong Hi Speed RoadBridge | Zoy Home vs. Cicc Fund Management |
| Invengo Information vs. Hongrun Construction Group | Invengo Information vs. Ningbo Construction Co | Invengo Information vs. Gansu Huangtai Wine marketing | Invengo Information vs. Qingdao Haier Biomedical |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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