Correlation Between Nanjing Vishee and Kontour (Xian)
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By analyzing existing cross correlation between Nanjing Vishee Medical and Kontour Medical Technology, you can compare the effects of market volatilities on Nanjing Vishee and Kontour (Xian) 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 Nanjing Vishee with a short position of Kontour (Xian). Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing Vishee and Kontour (Xian).
Diversification Opportunities for Nanjing Vishee and Kontour (Xian)
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Nanjing and Kontour is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing Vishee Medical 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 Nanjing Vishee 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 Nanjing Vishee Medical are associated (or correlated) with Kontour (Xian). 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 Nanjing Vishee i.e., Nanjing Vishee and Kontour (Xian) go up and down completely randomly.
Pair Corralation between Nanjing Vishee and Kontour (Xian)
Assuming the 90 days trading horizon Nanjing Vishee Medical is expected to under-perform the Kontour (Xian). In addition to that, Nanjing Vishee is 1.03 times more volatile than Kontour Medical Technology. It trades about -0.03 of its total potential returns per unit of risk. Kontour Medical Technology is currently generating about 0.27 per unit of volatility. 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 | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nanjing Vishee Medical vs. Kontour Medical Technology
Performance |
| Timeline |
| Nanjing Vishee Medical |
| Kontour Medical Tech |
Nanjing Vishee and Kontour (Xian) Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing Vishee and Kontour (Xian)
The main advantage of trading using opposite Nanjing Vishee and Kontour (Xian) positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing Vishee position performs unexpectedly, Kontour (Xian) 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 (Xian) will offset losses from the drop in Kontour (Xian)'s long position.| Nanjing Vishee vs. Industrial and Commercial | Nanjing Vishee vs. China Construction Bank | Nanjing Vishee vs. Agricultural Bank of | Nanjing Vishee vs. Bank of China |
| Kontour (Xian) vs. Yuanjie Semiconductor Technology | Kontour (Xian) vs. Chison Medical Technologies | Kontour (Xian) vs. StarPower Semiconductor | Kontour (Xian) vs. Nexchip Semiconductor Corp |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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