Correlation Between Kontour Medical and Jiangsu Yanghe
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By analyzing existing cross correlation between Kontour Medical Technology and Jiangsu Yanghe Brewery, you can compare the effects of market volatilities on Kontour Medical and Jiangsu Yanghe 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 Jiangsu Yanghe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour Medical and Jiangsu Yanghe.
Diversification Opportunities for Kontour Medical and Jiangsu Yanghe
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Kontour and Jiangsu is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and Jiangsu Yanghe Brewery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Yanghe Brewery 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 Jiangsu Yanghe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Yanghe Brewery has no effect on the direction of Kontour Medical i.e., Kontour Medical and Jiangsu Yanghe go up and down completely randomly.
Pair Corralation between Kontour Medical and Jiangsu Yanghe
Assuming the 90 days trading horizon Kontour Medical Technology is expected to generate 1.77 times more return on investment than Jiangsu Yanghe. However, Kontour Medical is 1.77 times more volatile than Jiangsu Yanghe Brewery. It trades about 0.0 of its potential returns per unit of risk. Jiangsu Yanghe Brewery is currently generating about -0.08 per unit of risk. If you would invest 3,767 in Kontour Medical Technology on October 25, 2024 and sell it today you would lose (766.00) from holding Kontour Medical Technology or give up 20.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kontour Medical Technology vs. Jiangsu Yanghe Brewery
Performance |
| Timeline |
| Kontour Medical Tech |
| Jiangsu Yanghe Brewery |
Kontour Medical and Jiangsu Yanghe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour Medical and Jiangsu Yanghe
The main advantage of trading using opposite Kontour Medical and Jiangsu Yanghe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour Medical position performs unexpectedly, Jiangsu Yanghe 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 Jiangsu Yanghe will offset losses from the drop in Jiangsu Yanghe's long position.| Kontour Medical vs. Agricultural Bank of | Kontour Medical vs. Industrial and Commercial | Kontour Medical vs. Bank of China | Kontour Medical vs. China Construction Bank |
| Jiangsu Yanghe vs. Agricultural Bank of | Jiangsu Yanghe vs. Postal Savings Bank | Jiangsu Yanghe vs. Bank of Communications | Jiangsu Yanghe vs. China Merchants Bank |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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