Correlation Between Road Environment and Kontour (Xian)
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By analyzing existing cross correlation between Road Environment Technology and Kontour Medical Technology, you can compare the effects of market volatilities on Road Environment and Kontour (Xian) 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 Road Environment with a short position of Kontour (Xian). Check out your portfolio center. Please also check ongoing floating volatility patterns of Road Environment and Kontour (Xian).
Diversification Opportunities for Road Environment and Kontour (Xian)
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Road and Kontour is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Road Environment Technology 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 Road Environment 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 Road Environment Technology are associated (or correlated) with Kontour (Xian). 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 Road Environment i.e., Road Environment and Kontour (Xian) go up and down completely randomly.
Pair Corralation between Road Environment and Kontour (Xian)
Assuming the 90 days trading horizon Road Environment is expected to generate 5.73 times less return on investment than Kontour (Xian). In addition to that, Road Environment is 1.09 times more volatile than Kontour Medical Technology. It trades about 0.03 of its total potential returns per unit of risk. Kontour Medical Technology is currently generating about 0.2 per unit of volatility. If you would invest 2,809 in Kontour Medical Technology on November 5, 2024 and sell it today you would earn a total of 169.00 from holding Kontour Medical Technology or generate 6.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Road Environment Technology vs. Kontour Medical Technology
Performance |
| Timeline |
| Road Environment Tec |
| Kontour Medical Tech |
Road Environment and Kontour (Xian) Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Road Environment and Kontour (Xian)
The main advantage of trading using opposite Road Environment and Kontour (Xian) positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Road Environment position performs unexpectedly, Kontour (Xian) 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 (Xian) will offset losses from the drop in Kontour (Xian)'s long position.| Road Environment vs. Ming Yang Smart | Road Environment vs. 159681 | Road Environment vs. 159005 | Road Environment vs. Loctek Ergonomic Technology |
| Kontour (Xian) vs. Shijiazhuang Tonhe Electronics | Kontour (Xian) vs. Suzhou Oriental Semiconductor | Kontour (Xian) vs. Sihui Fuji Electronics | Kontour (Xian) vs. Thinkon Semiconductor Jinzhou |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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