Correlation Between Kontour (Xian) and Allgens Medical
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By analyzing existing cross correlation between Kontour Medical Technology and Allgens Medical Technology, you can compare the effects of market volatilities on Kontour (Xian) and Allgens Medical 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 (Xian) with a short position of Allgens Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontour (Xian) and Allgens Medical.
Diversification Opportunities for Kontour (Xian) and Allgens Medical
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kontour and Allgens is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Kontour Medical Technology and Allgens Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allgens Medical Tech and Kontour (Xian) 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 Allgens Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allgens Medical Tech has no effect on the direction of Kontour (Xian) i.e., Kontour (Xian) and Allgens Medical go up and down completely randomly.
Pair Corralation between Kontour (Xian) and Allgens Medical
Assuming the 90 days trading horizon Kontour Medical Technology is expected to generate 1.19 times more return on investment than Allgens Medical. However, Kontour (Xian) is 1.19 times more volatile than Allgens Medical Technology. It trades about 0.27 of its potential returns per unit of risk. Allgens Medical Technology is currently generating about -0.26 per unit of risk. If you would invest 2,721 in Kontour Medical Technology on November 3, 2024 and sell it today you would earn a total of 257.00 from holding Kontour Medical Technology or generate 9.45% 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. Allgens Medical Technology
Performance |
| Timeline |
| Kontour Medical Tech |
| Allgens Medical Tech |
Kontour (Xian) and Allgens Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kontour (Xian) and Allgens Medical
The main advantage of trading using opposite Kontour (Xian) and Allgens Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontour (Xian) position performs unexpectedly, Allgens Medical 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 Allgens Medical will offset losses from the drop in Allgens Medical's long position.| Kontour (Xian) vs. Yuanjie Semiconductor Technology | Kontour (Xian) vs. Chison Medical Technologies | Kontour (Xian) vs. StarPower Semiconductor | Kontour (Xian) vs. Nexchip Semiconductor Corp |
| Allgens Medical vs. HeNan Splendor Science | Allgens Medical vs. Panda Financial Holding | Allgens Medical vs. Jiangsu Jinling Sports | Allgens Medical vs. Industrial Bank Co |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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