Correlation Between Kontour Medical and Shandong Sinoglory
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By analyzing existing cross correlation between Kontour Medical Technology and Shandong Sinoglory Health, you can compare the effects of market volatilities on Kontour Medical and Shandong Sinoglory 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 Shandong Sinoglory. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour Medical and Shandong Sinoglory.
Diversification Opportunities for Kontour Medical and Shandong Sinoglory
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Kontour and Shandong is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and Shandong Sinoglory Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Sinoglory Health 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 Shandong Sinoglory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Sinoglory Health has no effect on the direction of Kontour Medical i.e., Kontour Medical and Shandong Sinoglory go up and down completely randomly.
Pair Corralation between Kontour Medical and Shandong Sinoglory
Assuming the 90 days trading horizon Kontour Medical Technology is expected to generate 1.33 times more return on investment than Shandong Sinoglory. However, Kontour Medical is 1.33 times more volatile than Shandong Sinoglory Health. It trades about 0.17 of its potential returns per unit of risk. Shandong Sinoglory Health is currently generating about 0.18 per unit of risk. If you would invest 2,382 in Kontour Medical Technology on September 12, 2024 and sell it today you would earn a total of 825.00 from holding Kontour Medical Technology or generate 34.63% 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. Shandong Sinoglory Health
Performance |
| Timeline |
| Kontour Medical Tech |
| Shandong Sinoglory Health |
Kontour Medical and Shandong Sinoglory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour Medical and Shandong Sinoglory
The main advantage of trading using opposite Kontour Medical and Shandong Sinoglory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour Medical position performs unexpectedly, Shandong Sinoglory 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 Shandong Sinoglory will offset losses from the drop in Shandong Sinoglory's long position.| Kontour Medical vs. Industrial and Commercial | Kontour Medical vs. Kweichow Moutai Co | Kontour Medical vs. Agricultural Bank of | Kontour Medical vs. China Mobile Limited |
| Shandong Sinoglory vs. Nanjing Putian Telecommunications | Shandong Sinoglory vs. Tianjin Realty Development | Shandong Sinoglory vs. Kangyue Technology Co | Shandong Sinoglory vs. Shenzhen Hifuture Electric |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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