Correlation Between Kontour Medical and Suzhou Douson
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By analyzing existing cross correlation between Kontour Medical Technology and Suzhou Douson Drilling, you can compare the effects of market volatilities on Kontour Medical and Suzhou Douson 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 Suzhou Douson. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour Medical and Suzhou Douson.
Diversification Opportunities for Kontour Medical and Suzhou Douson
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kontour and Suzhou is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and Suzhou Douson Drilling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Douson Drilling 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 Suzhou Douson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Douson Drilling has no effect on the direction of Kontour Medical i.e., Kontour Medical and Suzhou Douson go up and down completely randomly.
Pair Corralation between Kontour Medical and Suzhou Douson
Assuming the 90 days trading horizon Kontour Medical Technology is expected to generate 0.6 times more return on investment than Suzhou Douson. However, Kontour Medical Technology is 1.66 times less risky than Suzhou Douson. It trades about 0.12 of its potential returns per unit of risk. Suzhou Douson Drilling is currently generating about 0.04 per unit of risk. If you would invest 2,889 in Kontour Medical Technology on October 23, 2024 and sell it today you would earn a total of 151.00 from holding Kontour Medical Technology or generate 5.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Kontour Medical Technology vs. Suzhou Douson Drilling
Performance |
| Timeline |
| Kontour Medical Tech |
| Suzhou Douson Drilling |
Kontour Medical and Suzhou Douson Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour Medical and Suzhou Douson
The main advantage of trading using opposite Kontour Medical and Suzhou Douson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour Medical position performs unexpectedly, Suzhou Douson 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 Suzhou Douson will offset losses from the drop in Suzhou Douson's long position.| Kontour Medical vs. HeNan Splendor Science | Kontour Medical vs. Hunan Mendale Hometextile | Kontour Medical vs. Nanjing OLO Home | Kontour Medical vs. Shanghai Shuixing Home |
| Suzhou Douson vs. Zhejiang Kingland Pipeline | Suzhou Douson vs. Jiangxi Lianchuang Opto electronic | Suzhou Douson vs. Guangzhou Jinyi Media | Suzhou Douson 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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