Correlation Between Hunan Mendale and APT Medical
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By analyzing existing cross correlation between Hunan Mendale Hometextile and APT Medical, you can compare the effects of market volatilities on Hunan Mendale 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 Hunan Mendale with a short position of APT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan Mendale and APT Medical.
Diversification Opportunities for Hunan Mendale and APT Medical
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hunan and APT is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Hunan Mendale Hometextile and APT Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APT Medical and Hunan Mendale 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 Hunan Mendale Hometextile 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 Hunan Mendale i.e., Hunan Mendale and APT Medical go up and down completely randomly.
Pair Corralation between Hunan Mendale and APT Medical
Assuming the 90 days trading horizon Hunan Mendale is expected to generate 1.79 times less return on investment than APT Medical. In addition to that, Hunan Mendale is 2.72 times more volatile than APT Medical. It trades about 0.01 of its total potential returns per unit of risk. APT Medical is currently generating about 0.06 per unit of volatility. If you would invest 36,262 in APT Medical on October 30, 2024 and sell it today you would earn a total of 1,588 from holding APT Medical or generate 4.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan Mendale Hometextile vs. APT Medical
Performance |
| Timeline |
| Hunan Mendale Hometextile |
| APT Medical |
Hunan Mendale and APT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan Mendale and APT Medical
The main advantage of trading using opposite Hunan Mendale and APT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan Mendale 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.| Hunan Mendale vs. Zhongshan Public Utilities | Hunan Mendale vs. Tianjin Hi Tech Development | Hunan Mendale vs. Xiamen Jihong Package | Hunan Mendale vs. Fiberhome Telecommunication Technologies |
| APT Medical vs. StarPower Semiconductor | APT Medical vs. Giantec Semiconductor Corp | APT Medical vs. Lontium Semiconductor Corp | APT Medical vs. Suzhou Oriental Semiconductor |
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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