Correlation Between Ping An and Kontour Medical
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By analyzing existing cross correlation between Ping An Insurance and Kontour Medical Technology, you can compare the effects of market volatilities on Ping An 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 Ping An with a short position of Kontour Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Kontour Medical.
Diversification Opportunities for Ping An and Kontour Medical
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ping and Kontour is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance 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 Ping An 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 Ping An Insurance 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 Ping An i.e., Ping An and Kontour Medical go up and down completely randomly.
Pair Corralation between Ping An and Kontour Medical
Assuming the 90 days trading horizon Ping An Insurance is expected to under-perform the Kontour Medical. But the stock apears to be less risky and, when comparing its historical volatility, Ping An Insurance is 1.44 times less risky than Kontour Medical. The stock trades about -0.09 of its potential returns per unit of risk. The Kontour Medical Technology is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 2,660 in Kontour Medical Technology on September 5, 2024 and sell it today you would earn a total of 389.00 from holding Kontour Medical Technology or generate 14.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Kontour Medical Technology
Performance |
| Timeline |
| Ping An Insurance |
| Kontour Medical Tech |
Ping An and Kontour Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Kontour Medical
The main advantage of trading using opposite Ping An and Kontour Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An 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.| Ping An vs. Southchip Semiconductor Technology | Ping An vs. Allwin Telecommunication Co | Ping An vs. Sunwave Communications Co | Ping An vs. Iat Automobile Technology |
| 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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