Correlation Between Jiangsu Jinling and Kontour Medical
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Kontour Medical Technology, you can compare the effects of market volatilities on Jiangsu Jinling 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 Jiangsu Jinling with a short position of Kontour Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Kontour Medical.
Diversification Opportunities for Jiangsu Jinling and Kontour Medical
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and Kontour is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports 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 Jiangsu Jinling 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 Jiangsu Jinling Sports 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 Jiangsu Jinling i.e., Jiangsu Jinling and Kontour Medical go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Kontour Medical
Assuming the 90 days trading horizon Jiangsu Jinling Sports is expected to generate 0.78 times more return on investment than Kontour Medical. However, Jiangsu Jinling Sports is 1.29 times less risky than Kontour Medical. It trades about 0.29 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 1,314 in Jiangsu Jinling Sports on September 5, 2024 and sell it today you would earn a total of 209.00 from holding Jiangsu Jinling Sports or generate 15.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Jinling Sports vs. Kontour Medical Technology
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Kontour Medical Tech |
Jiangsu Jinling and Kontour Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Kontour Medical
The main advantage of trading using opposite Jiangsu Jinling and Kontour Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling 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.| Jiangsu Jinling vs. Spring Airlines Co | Jiangsu Jinling vs. Tianjin Capital Environmental | Jiangsu Jinling vs. Ningbo Ligong Online | Jiangsu Jinling vs. Elite Color Environmental |
| 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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