Correlation Between Kontour Medical and Cloud Live
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By analyzing existing cross correlation between Kontour Medical Technology and Cloud Live Technology, you can compare the effects of market volatilities on Kontour Medical and Cloud Live 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 Cloud Live. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour Medical and Cloud Live.
Diversification Opportunities for Kontour Medical and Cloud Live
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kontour and Cloud is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and Cloud Live Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cloud Live Technology 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 Cloud Live. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cloud Live Technology has no effect on the direction of Kontour Medical i.e., Kontour Medical and Cloud Live go up and down completely randomly.
Pair Corralation between Kontour Medical and Cloud Live
Assuming the 90 days trading horizon Kontour Medical Technology is expected to generate 0.49 times more return on investment than Cloud Live. However, Kontour Medical Technology is 2.04 times less risky than Cloud Live. It trades about 0.05 of its potential returns per unit of risk. Cloud Live Technology is currently generating about -0.22 per unit of risk. If you would invest 2,872 in Kontour Medical Technology on October 26, 2024 and sell it today you would earn a total of 130.00 from holding Kontour Medical Technology or generate 4.53% 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. Cloud Live Technology
Performance |
| Timeline |
| Kontour Medical Tech |
| Cloud Live Technology |
Kontour Medical and Cloud Live Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour Medical and Cloud Live
The main advantage of trading using opposite Kontour Medical and Cloud Live positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour Medical position performs unexpectedly, Cloud Live 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 Cloud Live will offset losses from the drop in Cloud Live'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 |
| Cloud Live vs. Kontour Medical Technology | Cloud Live vs. Fujian Wanchen Biotechnology | Cloud Live vs. Xiangyu Medical Co | Cloud Live vs. Zhongzhu Medical Holdings |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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