Correlation Between Nanjing OLO and Kontour Medical
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By analyzing existing cross correlation between Nanjing OLO Home and Kontour Medical Technology, you can compare the effects of market volatilities on Nanjing OLO 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 Nanjing OLO with a short position of Kontour Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing OLO and Kontour Medical.
Diversification Opportunities for Nanjing OLO and Kontour Medical
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Nanjing and Kontour is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing OLO Home 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 Nanjing OLO 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 Nanjing OLO Home 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 Nanjing OLO i.e., Nanjing OLO and Kontour Medical go up and down completely randomly.
Pair Corralation between Nanjing OLO and Kontour Medical
Assuming the 90 days trading horizon Nanjing OLO Home is expected to under-perform the Kontour Medical. In addition to that, Nanjing OLO is 1.06 times more volatile than Kontour Medical Technology. It trades about -0.01 of its total potential returns per unit of risk. Kontour Medical Technology is currently generating about 0.12 per unit of volatility. If you would invest 2,889 in Kontour Medical Technology on October 23, 2024 and sell it today you would earn a total of 151.00 from holding Kontour Medical Technology or generate 5.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Nanjing OLO Home vs. Kontour Medical Technology
Performance |
| Timeline |
| Nanjing OLO Home |
| Kontour Medical Tech |
Nanjing OLO and Kontour Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing OLO and Kontour Medical
The main advantage of trading using opposite Nanjing OLO and Kontour Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing OLO 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.| Nanjing OLO vs. Jointo Energy Investment | Nanjing OLO vs. Tangel Publishing | Nanjing OLO vs. Offcn Education Technology | Nanjing OLO vs. COL Digital Publishing |
| Kontour Medical vs. Uroica Mining Safety | Kontour Medical vs. Chengtun Mining Group | Kontour Medical vs. Guangdong Wens Foodstuff | Kontour Medical vs. North Copper Shanxi |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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