Correlation Between Sunwave Communications and Kontour Medical
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By analyzing existing cross correlation between Sunwave Communications Co and Kontour Medical Technology, you can compare the effects of market volatilities on Sunwave Communications 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 Sunwave Communications with a short position of Kontour Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunwave Communications and Kontour Medical.
Diversification Opportunities for Sunwave Communications and Kontour Medical
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sunwave and Kontour is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Sunwave Communications Co 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 Sunwave Communications 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 Sunwave Communications Co 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 Sunwave Communications i.e., Sunwave Communications and Kontour Medical go up and down completely randomly.
Pair Corralation between Sunwave Communications and Kontour Medical
Assuming the 90 days trading horizon Sunwave Communications Co is expected to generate 1.14 times more return on investment than Kontour Medical. However, Sunwave Communications is 1.14 times more volatile than Kontour Medical Technology. It trades about 0.03 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 511.00 in Sunwave Communications Co on October 16, 2024 and sell it today you would earn a total of 114.00 from holding Sunwave Communications Co or generate 22.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sunwave Communications Co vs. Kontour Medical Technology
Performance |
| Timeline |
| Sunwave Communications |
| Kontour Medical Tech |
Sunwave Communications and Kontour Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sunwave Communications and Kontour Medical
The main advantage of trading using opposite Sunwave Communications and Kontour Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunwave Communications 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.| Sunwave Communications vs. Jiahe Foods Industry | Sunwave Communications vs. Xinjiang Tianrun Dairy | Sunwave Communications vs. Qingdao Foods Co | Sunwave Communications vs. Shandong Longda Meat |
| 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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