Correlation Between Bosera CMSK and APT Medical
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By analyzing existing cross correlation between Bosera CMSK Industrial and APT Medical, you can compare the effects of market volatilities on Bosera CMSK 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 Bosera CMSK with a short position of APT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bosera CMSK and APT Medical.
Diversification Opportunities for Bosera CMSK and APT Medical
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bosera and APT is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Bosera CMSK Industrial and APT Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APT Medical and Bosera CMSK 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 Bosera CMSK Industrial 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 Bosera CMSK i.e., Bosera CMSK and APT Medical go up and down completely randomly.
Pair Corralation between Bosera CMSK and APT Medical
Assuming the 90 days trading horizon Bosera CMSK Industrial is expected to under-perform the APT Medical. But the stock apears to be less risky and, when comparing its historical volatility, Bosera CMSK Industrial is 2.08 times less risky than APT Medical. The stock trades about -0.03 of its potential returns per unit of risk. The APT Medical is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 23,653 in APT Medical on October 16, 2024 and sell it today you would earn a total of 10,053 from holding APT Medical or generate 42.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bosera CMSK Industrial vs. APT Medical
Performance |
| Timeline |
| Bosera CMSK Industrial |
| APT Medical |
Bosera CMSK and APT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bosera CMSK and APT Medical
The main advantage of trading using opposite Bosera CMSK and APT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bosera CMSK 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.| Bosera CMSK vs. Shandong Iron and | Bosera CMSK vs. Eit Environmental Development | Bosera CMSK vs. SSAW Hotels Resorts | Bosera CMSK vs. Air China Ltd |
| APT Medical vs. Bosera CMSK Industrial | APT Medical vs. Universal Scientific Industrial | APT Medical vs. Rising Nonferrous Metals | APT Medical vs. Xinjiang Baodi Mining |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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