Correlation Between Kangyue Technology and Innovative Medical
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By analyzing existing cross correlation between Kangyue Technology Co and Innovative Medical Management, you can compare the effects of market volatilities on Kangyue Technology and Innovative 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 Kangyue Technology with a short position of Innovative Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangyue Technology and Innovative Medical.
Diversification Opportunities for Kangyue Technology and Innovative Medical
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kangyue and Innovative is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Kangyue Technology Co and Innovative Medical Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovative Medical and Kangyue Technology 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 Kangyue Technology Co are associated (or correlated) with Innovative Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innovative Medical has no effect on the direction of Kangyue Technology i.e., Kangyue Technology and Innovative Medical go up and down completely randomly.
Pair Corralation between Kangyue Technology and Innovative Medical
Assuming the 90 days trading horizon Kangyue Technology Co is expected to under-perform the Innovative Medical. In addition to that, Kangyue Technology is 1.11 times more volatile than Innovative Medical Management. It trades about -0.14 of its total potential returns per unit of risk. Innovative Medical Management is currently generating about -0.06 per unit of volatility. If you would invest 1,033 in Innovative Medical Management on September 13, 2024 and sell it today you would lose (76.00) from holding Innovative Medical Management or give up 7.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kangyue Technology Co vs. Innovative Medical Management
Performance |
| Timeline |
| Kangyue Technology |
| Innovative Medical |
Kangyue Technology and Innovative Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangyue Technology and Innovative Medical
The main advantage of trading using opposite Kangyue Technology and Innovative Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangyue Technology position performs unexpectedly, Innovative 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 Innovative Medical will offset losses from the drop in Innovative Medical's long position.| Kangyue Technology vs. Cultural Investment Holdings | Kangyue Technology vs. Gome Telecom Equipment | Kangyue Technology vs. Holitech Technology Co | Kangyue Technology vs. Zotye Automobile Co |
| Innovative Medical vs. Nanjing Putian Telecommunications | Innovative Medical vs. Tianjin Realty Development | Innovative Medical vs. Kangyue Technology Co | Innovative Medical vs. Shenzhen Hifuture Electric |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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