Correlation Between China Publishing and APT Medical
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By analyzing existing cross correlation between China Publishing Media and APT Medical, you can compare the effects of market volatilities on China Publishing and APT 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 China Publishing with a short position of APT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and APT Medical.
Diversification Opportunities for China Publishing and APT Medical
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between China and APT is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and APT Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APT Medical and China Publishing 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 China Publishing Media are associated (or correlated) with APT Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APT Medical has no effect on the direction of China Publishing i.e., China Publishing and APT Medical go up and down completely randomly.
Pair Corralation between China Publishing and APT Medical
Assuming the 90 days trading horizon China Publishing Media is expected to under-perform the APT Medical. In addition to that, China Publishing is 1.22 times more volatile than APT Medical. It trades about -0.16 of its total potential returns per unit of risk. APT Medical is currently generating about 0.05 per unit of volatility. If you would invest 35,200 in APT Medical on September 25, 2024 and sell it today you would earn a total of 562.00 from holding APT Medical or generate 1.6% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
China Publishing Media vs. APT Medical
Performance |
Timeline |
China Publishing Media |
APT Medical |
China Publishing and APT Medical Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with China Publishing and APT Medical
The main advantage of trading using opposite China Publishing and APT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, APT 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 APT Medical will offset losses from the drop in APT Medical's long position.China Publishing vs. Wintao Communications Co | China Publishing vs. Northern United Publishing | China Publishing vs. Sichuan Jinshi Technology | China Publishing vs. Guangdong Shenglu Telecommunication |
APT Medical vs. New China Life | APT Medical vs. Ming Yang Smart | APT Medical vs. 159681 | APT Medical vs. 159005 |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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