Correlation Between Kontour Medical and Tieling Newcity
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By analyzing existing cross correlation between Kontour Medical Technology and Tieling Newcity Investment, you can compare the effects of market volatilities on Kontour Medical and Tieling Newcity 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 Kontour Medical with a short position of Tieling Newcity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour Medical and Tieling Newcity.
Diversification Opportunities for Kontour Medical and Tieling Newcity
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kontour and Tieling is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and Tieling Newcity Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tieling Newcity Inve and Kontour Medical 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 Kontour Medical Technology are associated (or correlated) with Tieling Newcity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tieling Newcity Inve has no effect on the direction of Kontour Medical i.e., Kontour Medical and Tieling Newcity go up and down completely randomly.
Pair Corralation between Kontour Medical and Tieling Newcity
Assuming the 90 days trading horizon Kontour Medical is expected to generate 7.36 times less return on investment than Tieling Newcity. In addition to that, Kontour Medical is 1.03 times more volatile than Tieling Newcity Investment. It trades about 0.0 of its total potential returns per unit of risk. Tieling Newcity Investment is currently generating about 0.02 per unit of volatility. If you would invest 304.00 in Tieling Newcity Investment on October 16, 2024 and sell it today you would earn a total of 12.00 from holding Tieling Newcity Investment or generate 3.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kontour Medical Technology vs. Tieling Newcity Investment
Performance |
| Timeline |
| Kontour Medical Tech |
| Tieling Newcity Inve |
Kontour Medical and Tieling Newcity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour Medical and Tieling Newcity
The main advantage of trading using opposite Kontour Medical and Tieling Newcity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour Medical position performs unexpectedly, Tieling Newcity 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 Tieling Newcity will offset losses from the drop in Tieling Newcity's long position.| Kontour Medical vs. Bloomage Biotechnology Corp | Kontour Medical vs. Ningxia Younglight Chemicals | Kontour Medical vs. Sunwave Communications Co | Kontour Medical vs. Dr Peng Telecom |
| Tieling Newcity vs. JiShi Media Co | Tieling Newcity vs. Kontour Medical Technology | Tieling Newcity vs. Anhui Xinhua Media | Tieling Newcity vs. Xiangyu Medical Co |
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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