Correlation Between Hunan Tyen and Kontour Medical
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By analyzing existing cross correlation between Hunan Tyen Machinery and Kontour Medical Technology, you can compare the effects of market volatilities on Hunan Tyen 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 Hunan Tyen with a short position of Kontour Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan Tyen and Kontour Medical.
Diversification Opportunities for Hunan Tyen and Kontour Medical
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hunan and Kontour is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Hunan Tyen Machinery 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 Hunan Tyen 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 Hunan Tyen Machinery 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 Hunan Tyen i.e., Hunan Tyen and Kontour Medical go up and down completely randomly.
Pair Corralation between Hunan Tyen and Kontour Medical
Assuming the 90 days trading horizon Hunan Tyen Machinery is expected to generate 1.46 times more return on investment than Kontour Medical. However, Hunan Tyen is 1.46 times more volatile than Kontour Medical Technology. It trades about 0.04 of its potential returns per unit of risk. Kontour Medical Technology is currently generating about 0.03 per unit of risk. If you would invest 486.00 in Hunan Tyen Machinery on October 12, 2024 and sell it today you would earn a total of 21.00 from holding Hunan Tyen Machinery or generate 4.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan Tyen Machinery vs. Kontour Medical Technology
Performance |
| Timeline |
| Hunan Tyen Machinery |
| Kontour Medical Tech |
Hunan Tyen and Kontour Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan Tyen and Kontour Medical
The main advantage of trading using opposite Hunan Tyen and Kontour Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan Tyen 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.| Hunan Tyen vs. Postal Savings Bank | Hunan Tyen vs. Chengdu Spaceon Electronics | Hunan Tyen vs. Ningbo Tech Bank Co | Hunan Tyen vs. Xiamen Bank Co |
| Kontour Medical vs. Nuode Investment Co | Kontour Medical vs. PKU HealthCare Corp | Kontour Medical vs. Meinian Onehealth Healthcare | Kontour Medical vs. Hubei Geoway Investment |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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