Correlation Between Hengkang Medical and Kontour Medical
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By analyzing existing cross correlation between Hengkang Medical Group and Kontour Medical Technology, you can compare the effects of market volatilities on Hengkang Medical 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 Hengkang Medical with a short position of Kontour Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hengkang Medical and Kontour Medical.
Diversification Opportunities for Hengkang Medical and Kontour Medical
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hengkang and Kontour is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Hengkang Medical Group 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 Hengkang 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 Hengkang Medical Group 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 Hengkang Medical i.e., Hengkang Medical and Kontour Medical go up and down completely randomly.
Pair Corralation between Hengkang Medical and Kontour Medical
Assuming the 90 days trading horizon Hengkang Medical Group is expected to generate 1.5 times more return on investment than Kontour Medical. However, Hengkang Medical is 1.5 times more volatile than Kontour Medical Technology. It trades about 0.18 of its potential returns per unit of risk. Kontour Medical Technology is currently generating about 0.22 per unit of risk. If you would invest 256.00 in Hengkang Medical Group on September 5, 2024 and sell it today you would earn a total of 44.00 from holding Hengkang Medical Group or generate 17.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hengkang Medical Group vs. Kontour Medical Technology
Performance |
| Timeline |
| Hengkang Medical |
| Kontour Medical Tech |
Hengkang Medical and Kontour Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hengkang Medical and Kontour Medical
The main advantage of trading using opposite Hengkang Medical and Kontour Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hengkang Medical 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.| Hengkang Medical vs. Industrial and Commercial | Hengkang Medical vs. Agricultural Bank of | Hengkang Medical vs. China Construction Bank | Hengkang Medical vs. Bank of China |
| Kontour Medical vs. Kweichow Moutai Co | Kontour Medical vs. Contemporary Amperex Technology | Kontour Medical vs. G bits Network Technology | Kontour Medical vs. Beijing Roborock Technology |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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