Correlation Between Chison Medical and Invengo Information
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By analyzing existing cross correlation between Chison Medical Technologies and Invengo Information Technology, you can compare the effects of market volatilities on Chison Medical 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 Chison Medical with a short position of Invengo Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chison Medical and Invengo Information.
Diversification Opportunities for Chison Medical and Invengo Information
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Chison and Invengo is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Chison Medical Technologies and Invengo Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invengo Information and Chison Medical 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 Chison Medical Technologies 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 Chison Medical i.e., Chison Medical and Invengo Information go up and down completely randomly.
Pair Corralation between Chison Medical and Invengo Information
Assuming the 90 days trading horizon Chison Medical Technologies is expected to under-perform the Invengo Information. But the stock apears to be less risky and, when comparing its historical volatility, Chison Medical Technologies is 1.02 times less risky than Invengo Information. The stock trades about -0.04 of its potential returns per unit of risk. The Invengo Information Technology is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 596.00 in Invengo Information Technology on August 31, 2024 and sell it today you would earn a total of 10.00 from holding Invengo Information Technology or generate 1.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chison Medical Technologies vs. Invengo Information Technology
Performance |
| Timeline |
| Chison Medical Techn |
| Invengo Information |
Chison Medical and Invengo Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chison Medical and Invengo Information
The main advantage of trading using opposite Chison Medical and Invengo Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chison Medical 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.| Chison Medical vs. PetroChina Co Ltd | Chison Medical vs. China Mobile Limited | Chison Medical vs. Ping An Insurance | Chison Medical vs. China Petroleum Chemical |
| Invengo Information vs. Tianshan Aluminum Group | Invengo Information vs. Chison Medical Technologies | Invengo Information vs. Shandong Hongchuang Aluminum | Invengo Information vs. Guangdong Jingyi Metal |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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