Correlation Between Bloomage Biotechnology and Kontour Medical
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By analyzing existing cross correlation between Bloomage Biotechnology Corp and Kontour Medical Technology, you can compare the effects of market volatilities on Bloomage Biotechnology and Kontour 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 Bloomage Biotechnology with a short position of Kontour Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomage Biotechnology and Kontour Medical.
Diversification Opportunities for Bloomage Biotechnology and Kontour Medical
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Bloomage and Kontour is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Bloomage Biotechnology Corp and Kontour Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kontour Medical Tech and Bloomage Biotechnology 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 Bloomage Biotechnology Corp are associated (or correlated) with Kontour Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kontour Medical Tech has no effect on the direction of Bloomage Biotechnology i.e., Bloomage Biotechnology and Kontour Medical go up and down completely randomly.
Pair Corralation between Bloomage Biotechnology and Kontour Medical
Assuming the 90 days trading horizon Bloomage Biotechnology Corp is expected to under-perform the Kontour Medical. But the stock apears to be less risky and, when comparing its historical volatility, Bloomage Biotechnology Corp is 1.22 times less risky than Kontour Medical. The stock trades about -0.07 of its potential returns per unit of risk. The Kontour Medical Technology is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 3,570 in Kontour Medical Technology on October 16, 2024 and sell it today you would lose (747.00) from holding Kontour Medical Technology or give up 20.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bloomage Biotechnology Corp vs. Kontour Medical Technology
Performance |
| Timeline |
| Bloomage Biotechnology |
| Kontour Medical Tech |
Bloomage Biotechnology and Kontour Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloomage Biotechnology and Kontour Medical
The main advantage of trading using opposite Bloomage Biotechnology and Kontour Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomage Biotechnology position performs unexpectedly, Kontour 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 Kontour Medical will offset losses from the drop in Kontour Medical's long position.| Bloomage Biotechnology vs. Sportsoul Co Ltd | Bloomage Biotechnology vs. Hainan Haiqi Transportation | Bloomage Biotechnology vs. Sublime China Information | Bloomage Biotechnology vs. China World Trade |
| Kontour Medical vs. Bloomage Biotechnology Corp | Kontour Medical vs. Ningxia Younglight Chemicals | Kontour Medical vs. Sunwave Communications Co | Kontour Medical vs. Dr Peng Telecom |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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