Correlation Between Kontour Medical and Zhongzhu Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kontour Medical Technology and Zhongzhu Medical Holdings, you can compare the effects of market volatilities on Kontour Medical and Zhongzhu Medical 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 Zhongzhu Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour Medical and Zhongzhu Medical.
Diversification Opportunities for Kontour Medical and Zhongzhu Medical
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kontour and Zhongzhu is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and Zhongzhu Medical Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhongzhu Medical Holdings 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 Zhongzhu Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhongzhu Medical Holdings has no effect on the direction of Kontour Medical i.e., Kontour Medical and Zhongzhu Medical go up and down completely randomly.
Pair Corralation between Kontour Medical and Zhongzhu Medical
Assuming the 90 days trading horizon Kontour Medical Technology is expected to generate 1.07 times more return on investment than Zhongzhu Medical. However, Kontour Medical is 1.07 times more volatile than Zhongzhu Medical Holdings. It trades about -0.26 of its potential returns per unit of risk. Zhongzhu Medical Holdings is currently generating about -0.36 per unit of risk. If you would invest 3,207 in Kontour Medical Technology on October 12, 2024 and sell it today you would lose (432.00) from holding Kontour Medical Technology or give up 13.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kontour Medical Technology vs. Zhongzhu Medical Holdings
Performance |
| Timeline |
| Kontour Medical Tech |
| Zhongzhu Medical Holdings |
Kontour Medical and Zhongzhu Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour Medical and Zhongzhu Medical
The main advantage of trading using opposite Kontour Medical and Zhongzhu Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour Medical position performs unexpectedly, Zhongzhu Medical 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 Zhongzhu Medical will offset losses from the drop in Zhongzhu Medical's long position.| Kontour Medical vs. Nuode Investment Co | Kontour Medical vs. PKU HealthCare Corp | Kontour Medical vs. Meinian Onehealth Healthcare | Kontour Medical vs. Hubei Geoway Investment |
| Zhongzhu Medical vs. 360 Security Technology | Zhongzhu Medical vs. Sinofibers Technology Co | Zhongzhu Medical vs. Kontour Medical Technology | Zhongzhu Medical vs. Medprin Regenerative Medical |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| 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 | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |