Correlation Between Shenzhen MYS and APT Medical
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By analyzing existing cross correlation between Shenzhen MYS Environmental and APT Medical, you can compare the effects of market volatilities on Shenzhen MYS 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 Shenzhen MYS with a short position of APT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and APT Medical.
Diversification Opportunities for Shenzhen MYS and APT Medical
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Shenzhen and APT is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental and APT Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APT Medical and Shenzhen MYS 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 Shenzhen MYS Environmental 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 Shenzhen MYS i.e., Shenzhen MYS and APT Medical go up and down completely randomly.
Pair Corralation between Shenzhen MYS and APT Medical
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to generate 1.06 times more return on investment than APT Medical. However, Shenzhen MYS is 1.06 times more volatile than APT Medical. It trades about 0.07 of its potential returns per unit of risk. APT Medical is currently generating about 0.03 per unit of risk. If you would invest 234.00 in Shenzhen MYS Environmental on October 14, 2024 and sell it today you would earn a total of 81.00 from holding Shenzhen MYS Environmental or generate 34.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. APT Medical
Performance |
| Timeline |
| Shenzhen MYS Environ |
| APT Medical |
Shenzhen MYS and APT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and APT Medical
The main advantage of trading using opposite Shenzhen MYS and APT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS 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.| Shenzhen MYS vs. Yingde Greatchem Chemicals | Shenzhen MYS vs. Chengdu Spaceon Electronics | Shenzhen MYS vs. Shandong Polymer Biochemicals | Shenzhen MYS vs. Harvest Fund Management |
| APT Medical vs. Rising Nonferrous Metals | APT Medical vs. Dynagreen Environmental Protection | APT Medical vs. Chongqing Shunbo Aluminum | APT Medical vs. Shenzhen MYS Environmental |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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