Correlation Between Kontour Medical and JCET Group
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By analyzing existing cross correlation between Kontour Medical Technology and JCET Group Co, you can compare the effects of market volatilities on Kontour Medical and JCET Group 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 JCET Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour Medical and JCET Group.
Diversification Opportunities for Kontour Medical and JCET Group
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Kontour and JCET is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and JCET Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JCET Group 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 JCET Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JCET Group has no effect on the direction of Kontour Medical i.e., Kontour Medical and JCET Group go up and down completely randomly.
Pair Corralation between Kontour Medical and JCET Group
Assuming the 90 days trading horizon Kontour Medical Technology is expected to generate 0.85 times more return on investment than JCET Group. However, Kontour Medical Technology is 1.18 times less risky than JCET Group. It trades about 0.06 of its potential returns per unit of risk. JCET Group Co is currently generating about 0.01 per unit of risk. If you would invest 2,845 in Kontour Medical Technology on October 30, 2024 and sell it today you would earn a total of 133.00 from holding Kontour Medical Technology or generate 4.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kontour Medical Technology vs. JCET Group Co
Performance |
| Timeline |
| Kontour Medical Tech |
| JCET Group |
Kontour Medical and JCET Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour Medical and JCET Group
The main advantage of trading using opposite Kontour Medical and JCET Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour Medical position performs unexpectedly, JCET Group 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 JCET Group will offset losses from the drop in JCET Group's long position.| Kontour Medical vs. Shanghai V Test Semiconductor | Kontour Medical vs. Montage Technology Co | Kontour Medical vs. Eyebright Medical Technology | Kontour Medical vs. Holitech Technology Co |
| JCET Group vs. Tongxing Environmental Protection | JCET Group vs. Western Metal Materials | JCET Group vs. Hefei Metalforming Mach | JCET Group vs. Xinjiang Baodi Mining |
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 Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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