Correlation Between Kontour Medical and China Life
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By analyzing existing cross correlation between Kontour Medical Technology and China Life Insurance, you can compare the effects of market volatilities on Kontour Medical and China Life 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 China Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour Medical and China Life.
Diversification Opportunities for Kontour Medical and China Life
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kontour and China is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and China Life Insurance in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Life Insurance 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 China Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Life Insurance has no effect on the direction of Kontour Medical i.e., Kontour Medical and China Life go up and down completely randomly.
Pair Corralation between Kontour Medical and China Life
Assuming the 90 days trading horizon Kontour Medical is expected to generate 10.89 times less return on investment than China Life. In addition to that, Kontour Medical is 1.46 times more volatile than China Life Insurance. It trades about 0.0 of its total potential returns per unit of risk. China Life Insurance is currently generating about 0.02 per unit of volatility. If you would invest 3,738 in China Life Insurance on September 26, 2024 and sell it today you would earn a total of 510.00 from holding China Life Insurance or generate 13.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kontour Medical Technology vs. China Life Insurance
Performance |
| Timeline |
| Kontour Medical Tech |
| China Life Insurance |
Kontour Medical and China Life Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour Medical and China Life
The main advantage of trading using opposite Kontour Medical and China Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour Medical position performs unexpectedly, China Life 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 China Life will offset losses from the drop in China Life's long position.| Kontour Medical vs. New China Life | Kontour Medical vs. Ming Yang Smart | Kontour Medical vs. 159681 | Kontour Medical vs. 159005 |
| China Life vs. RoadMain T Co | China Life vs. Kontour Medical Technology | China Life vs. Beijing Wandong Medical | China Life vs. Shandong Hi Speed RoadBridge |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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