Correlation Between Ningxia Younglight and Kontour Medical
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By analyzing existing cross correlation between Ningxia Younglight Chemicals and Kontour Medical Technology, you can compare the effects of market volatilities on Ningxia Younglight and Kontour Medical 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 Ningxia Younglight with a short position of Kontour Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningxia Younglight and Kontour Medical.
Diversification Opportunities for Ningxia Younglight and Kontour Medical
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ningxia and Kontour is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Ningxia Younglight Chemicals and Kontour Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kontour Medical Tech and Ningxia Younglight 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 Ningxia Younglight Chemicals are associated (or correlated) with Kontour Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kontour Medical Tech has no effect on the direction of Ningxia Younglight i.e., Ningxia Younglight and Kontour Medical go up and down completely randomly.
Pair Corralation between Ningxia Younglight and Kontour Medical
Assuming the 90 days trading horizon Ningxia Younglight Chemicals is expected to generate 1.01 times more return on investment than Kontour Medical. However, Ningxia Younglight is 1.01 times more volatile than Kontour Medical Technology. It trades about 0.0 of its potential returns per unit of risk. Kontour Medical Technology is currently generating about 0.0 per unit of risk. If you would invest 911.00 in Ningxia Younglight Chemicals on October 16, 2024 and sell it today you would lose (184.00) from holding Ningxia Younglight Chemicals or give up 20.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningxia Younglight Chemicals vs. Kontour Medical Technology
Performance |
| Timeline |
| Ningxia Younglight |
| Kontour Medical Tech |
Ningxia Younglight and Kontour Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningxia Younglight and Kontour Medical
The main advantage of trading using opposite Ningxia Younglight and Kontour Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningxia Younglight position performs unexpectedly, Kontour Medical 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 Kontour Medical will offset losses from the drop in Kontour Medical's long position.| Ningxia Younglight vs. Shanghai Yanpu Metal | Ningxia Younglight vs. Zhongzhu Medical Holdings | Ningxia Younglight vs. Rising Nonferrous Metals | Ningxia Younglight vs. Shenzhen Glory Medical |
| Kontour Medical vs. Bloomage Biotechnology Corp | Kontour Medical vs. Ningxia Younglight Chemicals | Kontour Medical vs. Sunwave Communications Co | Kontour Medical vs. Dr Peng Telecom |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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