Correlation Between Beijing Yanjing and Kontour Medical
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By analyzing existing cross correlation between Beijing Yanjing Brewery and Kontour Medical Technology, you can compare the effects of market volatilities on Beijing Yanjing 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 Beijing Yanjing with a short position of Kontour Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Yanjing and Kontour Medical.
Diversification Opportunities for Beijing Yanjing and Kontour Medical
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Beijing and Kontour is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Yanjing Brewery 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 Beijing Yanjing 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 Beijing Yanjing Brewery 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 Beijing Yanjing i.e., Beijing Yanjing and Kontour Medical go up and down completely randomly.
Pair Corralation between Beijing Yanjing and Kontour Medical
Assuming the 90 days trading horizon Beijing Yanjing Brewery is expected to generate 0.62 times more return on investment than Kontour Medical. However, Beijing Yanjing Brewery is 1.62 times less risky than Kontour Medical. 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 1,186 in Beijing Yanjing Brewery on November 1, 2024 and sell it today you would lose (55.00) from holding Beijing Yanjing Brewery or give up 4.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Yanjing Brewery vs. Kontour Medical Technology
Performance |
| Timeline |
| Beijing Yanjing Brewery |
| Kontour Medical Tech |
Beijing Yanjing and Kontour Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Yanjing and Kontour Medical
The main advantage of trading using opposite Beijing Yanjing and Kontour Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Yanjing 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.| Beijing Yanjing vs. AUPU Home Style | Beijing Yanjing vs. Vohringer Home Technology | Beijing Yanjing vs. Wangneng Environment Co | Beijing Yanjing vs. Qiaoyin Environmental Tech |
| Kontour Medical vs. Agricultural Bank of | Kontour Medical vs. Industrial and Commercial | Kontour Medical vs. Bank of China | Kontour Medical vs. China Construction Bank |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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