Correlation Between Kontour Medical and Kweichow Moutai
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kontour Medical Technology and Kweichow Moutai Co, you can compare the effects of market volatilities on Kontour Medical and Kweichow Moutai 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 Kweichow Moutai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour Medical and Kweichow Moutai.
Diversification Opportunities for Kontour Medical and Kweichow Moutai
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kontour and Kweichow is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and Kweichow Moutai Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kweichow Moutai 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 Kweichow Moutai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kweichow Moutai has no effect on the direction of Kontour Medical i.e., Kontour Medical and Kweichow Moutai go up and down completely randomly.
Pair Corralation between Kontour Medical and Kweichow Moutai
Assuming the 90 days trading horizon Kontour Medical Technology is expected to generate 2.0 times more return on investment than Kweichow Moutai. However, Kontour Medical is 2.0 times more volatile than Kweichow Moutai Co. It trades about 0.01 of its potential returns per unit of risk. Kweichow Moutai Co is currently generating about -0.01 per unit of risk. If you would invest 3,274 in Kontour Medical Technology on September 12, 2024 and sell it today you would lose (43.00) from holding Kontour Medical Technology or give up 1.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kontour Medical Technology vs. Kweichow Moutai Co
Performance |
| Timeline |
| Kontour Medical Tech |
| Kweichow Moutai |
Kontour Medical and Kweichow Moutai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour Medical and Kweichow Moutai
The main advantage of trading using opposite Kontour Medical and Kweichow Moutai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour Medical position performs unexpectedly, Kweichow Moutai 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 Kweichow Moutai will offset losses from the drop in Kweichow Moutai's long position.| Kontour Medical vs. Cultural Investment Holdings | Kontour Medical vs. Gome Telecom Equipment | Kontour Medical vs. Holitech Technology Co | Kontour Medical vs. Zotye Automobile Co |
| Kweichow Moutai vs. Luyin Investment Group | Kweichow Moutai vs. Sichuan Fulin Transportation | Kweichow Moutai vs. Zhongshan Broad Ocean Motor | Kweichow Moutai vs. Southchip Semiconductor Technology |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |