Correlation Between Kontour Medical and Hunan Tyen
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By analyzing existing cross correlation between Kontour Medical Technology and Hunan Tyen Machinery, you can compare the effects of market volatilities on Kontour Medical and Hunan Tyen 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 Hunan Tyen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour Medical and Hunan Tyen.
Diversification Opportunities for Kontour Medical and Hunan Tyen
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kontour and Hunan is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and Hunan Tyen Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan Tyen Machinery 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 Hunan Tyen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan Tyen Machinery has no effect on the direction of Kontour Medical i.e., Kontour Medical and Hunan Tyen go up and down completely randomly.
Pair Corralation between Kontour Medical and Hunan Tyen
Assuming the 90 days trading horizon Kontour Medical Technology is expected to under-perform the Hunan Tyen. In addition to that, Kontour Medical is 1.03 times more volatile than Hunan Tyen Machinery. It trades about 0.0 of its total potential returns per unit of risk. Hunan Tyen Machinery is currently generating about 0.01 per unit of volatility. If you would invest 520.00 in Hunan Tyen Machinery on October 12, 2024 and sell it today you would lose (13.00) from holding Hunan Tyen Machinery or give up 2.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kontour Medical Technology vs. Hunan Tyen Machinery
Performance |
| Timeline |
| Kontour Medical Tech |
| Hunan Tyen Machinery |
Kontour Medical and Hunan Tyen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour Medical and Hunan Tyen
The main advantage of trading using opposite Kontour Medical and Hunan Tyen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour Medical position performs unexpectedly, Hunan Tyen 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 Hunan Tyen will offset losses from the drop in Hunan Tyen's long position.| Kontour Medical vs. PKU HealthCare Corp | Kontour Medical vs. Meinian Onehealth Healthcare | Kontour Medical vs. Hubei Geoway Investment | Kontour Medical vs. Xiandai Investment Co |
| Hunan Tyen vs. Postal Savings Bank | Hunan Tyen vs. Chengdu Spaceon Electronics | Hunan Tyen vs. Ningbo Tech Bank Co | Hunan Tyen vs. Xiamen Bank Co |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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