Correlation Between Northking Information and Kontour Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Northking Information Technology and Kontour Medical Technology, you can compare the effects of market volatilities on Northking Information 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 Northking Information with a short position of Kontour Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Northking Information and Kontour Medical.
Diversification Opportunities for Northking Information and Kontour Medical
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Northking and Kontour is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Northking Information Technolo 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 Northking Information 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 Northking Information Technology 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 Northking Information i.e., Northking Information and Kontour Medical go up and down completely randomly.
Pair Corralation between Northking Information and Kontour Medical
Assuming the 90 days trading horizon Northking Information is expected to generate 2.06 times less return on investment than Kontour Medical. In addition to that, Northking Information is 1.25 times more volatile than Kontour Medical Technology. It trades about 0.06 of its total potential returns per unit of risk. Kontour Medical Technology is currently generating about 0.15 per unit of volatility. If you would invest 2,637 in Kontour Medical Technology on September 1, 2024 and sell it today you would earn a total of 225.00 from holding Kontour Medical Technology or generate 8.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Northking Information Technolo vs. Kontour Medical Technology
Performance |
| Timeline |
| Northking Information |
| Kontour Medical Tech |
Northking Information and Kontour Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Northking Information and Kontour Medical
The main advantage of trading using opposite Northking Information and Kontour Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Northking Information 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.| Northking Information vs. China Petroleum Chemical | Northking Information vs. PetroChina Co Ltd | Northking Information vs. China State Construction | Northking Information vs. China Railway Group |
| Kontour Medical vs. Nanjing Putian Telecommunications | Kontour Medical vs. Shenzhen Hifuture Electric | Kontour Medical vs. Tianjin Realty Development | Kontour Medical vs. Shenyang Huitian Thermal |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |