Correlation Between COL Digital and Kontour Medical
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By analyzing existing cross correlation between COL Digital Publishing and Kontour Medical Technology, you can compare the effects of market volatilities on COL Digital 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 COL Digital with a short position of Kontour Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of COL Digital and Kontour Medical.
Diversification Opportunities for COL Digital and Kontour Medical
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between COL and Kontour is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding COL Digital Publishing 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 COL Digital 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 COL Digital Publishing 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 COL Digital i.e., COL Digital and Kontour Medical go up and down completely randomly.
Pair Corralation between COL Digital and Kontour Medical
Assuming the 90 days trading horizon COL Digital Publishing is expected to under-perform the Kontour Medical. But the stock apears to be less risky and, when comparing its historical volatility, COL Digital Publishing is 1.79 times less risky than Kontour Medical. The stock trades about -0.24 of its potential returns per unit of risk. The Kontour Medical Technology is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 2,832 in Kontour Medical Technology on December 27, 2024 and sell it today you would lose (32.00) from holding Kontour Medical Technology or give up 1.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
COL Digital Publishing vs. Kontour Medical Technology
Performance |
| Timeline |
| COL Digital Publishing |
| Kontour Medical Tech |
COL Digital and Kontour Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COL Digital and Kontour Medical
The main advantage of trading using opposite COL Digital and Kontour Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COL Digital 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.| COL Digital vs. Panda Dairy Corp | COL Digital vs. Shanghai Emperor of | COL Digital vs. Fujian Longzhou Transportation | COL Digital vs. Hubeiyichang Transportation Group |
| Kontour Medical vs. Shaanxi Meineng Clean | Kontour Medical vs. China Southern Power | Kontour Medical vs. Guangzhou Haozhi Industrial | Kontour Medical vs. Uroica Mining Safety |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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