Correlation Between Kontour Medical and Nanjing Vishee
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By analyzing existing cross correlation between Kontour Medical Technology and Nanjing Vishee Medical, you can compare the effects of market volatilities on Kontour Medical and Nanjing Vishee 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 Nanjing Vishee. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour Medical and Nanjing Vishee.
Diversification Opportunities for Kontour Medical and Nanjing Vishee
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kontour and Nanjing is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and Nanjing Vishee Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Vishee Medical 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 Nanjing Vishee. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Vishee Medical has no effect on the direction of Kontour Medical i.e., Kontour Medical and Nanjing Vishee go up and down completely randomly.
Pair Corralation between Kontour Medical and Nanjing Vishee
Assuming the 90 days trading horizon Kontour Medical Technology is expected to generate 1.08 times more return on investment than Nanjing Vishee. However, Kontour Medical is 1.08 times more volatile than Nanjing Vishee Medical. It trades about 0.12 of its potential returns per unit of risk. Nanjing Vishee Medical is currently generating about -0.2 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 | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kontour Medical Technology vs. Nanjing Vishee Medical
Performance |
| Timeline |
| Kontour Medical Tech |
| Nanjing Vishee Medical |
Kontour Medical and Nanjing Vishee Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour Medical and Nanjing Vishee
The main advantage of trading using opposite Kontour Medical and Nanjing Vishee positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour Medical position performs unexpectedly, Nanjing Vishee 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 Nanjing Vishee will offset losses from the drop in Nanjing Vishee's long position.| Kontour Medical vs. Uroica Mining Safety | Kontour Medical vs. Chengtun Mining Group | Kontour Medical vs. Guangdong Wens Foodstuff | Kontour Medical vs. North Copper Shanxi |
| Nanjing Vishee vs. Quectel Wireless Solutions | Nanjing Vishee vs. Beijing Kingsoft Office | Nanjing Vishee vs. Tonghua Grape Wine | Nanjing Vishee vs. Porton Fine Chemicals |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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