Correlation Between Kontour Medical and Northern United
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By analyzing existing cross correlation between Kontour Medical Technology and Northern United Publishing, you can compare the effects of market volatilities on Kontour Medical and Northern United 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 Northern United. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour Medical and Northern United.
Diversification Opportunities for Kontour Medical and Northern United
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Kontour and Northern is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and Northern United Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Northern United Publ 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 Northern United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Northern United Publ has no effect on the direction of Kontour Medical i.e., Kontour Medical and Northern United go up and down completely randomly.
Pair Corralation between Kontour Medical and Northern United
Assuming the 90 days trading horizon Kontour Medical Technology is expected to generate 1.33 times more return on investment than Northern United. However, Kontour Medical is 1.33 times more volatile than Northern United Publishing. It trades about 0.22 of its potential returns per unit of risk. Northern United Publishing is currently generating about 0.25 per unit of risk. If you would invest 2,660 in Kontour Medical Technology on September 5, 2024 and sell it today you would earn a total of 389.00 from holding Kontour Medical Technology or generate 14.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kontour Medical Technology vs. Northern United Publishing
Performance |
| Timeline |
| Kontour Medical Tech |
| Northern United Publ |
Kontour Medical and Northern United Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour Medical and Northern United
The main advantage of trading using opposite Kontour Medical and Northern United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour Medical position performs unexpectedly, Northern United 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 Northern United will offset losses from the drop in Northern United's long position.| Kontour Medical vs. Kweichow Moutai Co | Kontour Medical vs. Contemporary Amperex Technology | Kontour Medical vs. G bits Network Technology | Kontour Medical vs. Beijing Roborock Technology |
| Northern United vs. Double Medical Technology | Northern United vs. Markor International Home | Northern United vs. Der International Home | Northern United vs. Kontour Medical 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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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