Correlation Between Kontour Medical and Jiangsu Jinling
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By analyzing existing cross correlation between Kontour Medical Technology and Jiangsu Jinling Sports, you can compare the effects of market volatilities on Kontour Medical and Jiangsu Jinling 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 Jinling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour Medical and Jiangsu Jinling.
Diversification Opportunities for Kontour Medical and Jiangsu Jinling
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Kontour and Jiangsu is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and Jiangsu Jinling Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Jinling Sports 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 Jinling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Jinling Sports has no effect on the direction of Kontour Medical i.e., Kontour Medical and Jiangsu Jinling go up and down completely randomly.
Pair Corralation between Kontour Medical and Jiangsu Jinling
Assuming the 90 days trading horizon Kontour Medical is expected to generate 1.05 times less return on investment than Jiangsu Jinling. In addition to that, Kontour Medical is 1.29 times more volatile than Jiangsu Jinling Sports. It trades about 0.22 of its total potential returns per unit of risk. Jiangsu Jinling Sports is currently generating about 0.29 per unit of volatility. If you would invest 1,314 in Jiangsu Jinling Sports on September 5, 2024 and sell it today you would earn a total of 209.00 from holding Jiangsu Jinling Sports or generate 15.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kontour Medical Technology vs. Jiangsu Jinling Sports
Performance |
| Timeline |
| Kontour Medical Tech |
| Jiangsu Jinling Sports |
Kontour Medical and Jiangsu Jinling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour Medical and Jiangsu Jinling
The main advantage of trading using opposite Kontour Medical and Jiangsu Jinling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour Medical position performs unexpectedly, Jiangsu Jinling 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 Jinling will offset losses from the drop in Jiangsu Jinling's long position.| Kontour Medical vs. Kweichow Moutai Co | Kontour Medical vs. Contemporary Amperex Technology | Kontour Medical vs. G bits Network Technology | Kontour Medical vs. Beijing Roborock Technology |
| Jiangsu Jinling vs. Spring Airlines Co | Jiangsu Jinling vs. Tianjin Capital Environmental | Jiangsu Jinling vs. Ningbo Ligong Online | Jiangsu Jinling vs. Elite Color Environmental |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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