Correlation Between Kontour Medical and BYD Co
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By analyzing existing cross correlation between Kontour Medical Technology and BYD Co Ltd, you can compare the effects of market volatilities on Kontour Medical and BYD Co 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 BYD Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour Medical and BYD Co.
Diversification Opportunities for Kontour Medical and BYD Co
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kontour and BYD is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and BYD Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BYD Co 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 BYD Co. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BYD Co has no effect on the direction of Kontour Medical i.e., Kontour Medical and BYD Co go up and down completely randomly.
Pair Corralation between Kontour Medical and BYD Co
Assuming the 90 days trading horizon Kontour Medical Technology is expected to generate 1.53 times more return on investment than BYD Co. However, Kontour Medical is 1.53 times more volatile than BYD Co Ltd. It trades about 0.05 of its potential returns per unit of risk. BYD Co Ltd is currently generating about 0.0 per unit of risk. If you would invest 2,862 in Kontour Medical Technology on October 28, 2024 and sell it today you would earn a total of 113.00 from holding Kontour Medical Technology or generate 3.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kontour Medical Technology vs. BYD Co Ltd
Performance |
| Timeline |
| Kontour Medical Tech |
| BYD Co |
Kontour Medical and BYD Co Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour Medical and BYD Co
The main advantage of trading using opposite Kontour Medical and BYD Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour Medical position performs unexpectedly, BYD Co 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 BYD Co will offset losses from the drop in BYD Co'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 |
| BYD Co vs. Thunder Software Technology | BYD Co vs. Huatian Hotel Group | BYD Co vs. Hubei Tech Semiconductors | BYD Co vs. Guangzhou Dongfang Hotel |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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