Correlation Between Guangzhou Shangpin and APT Medical
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By analyzing existing cross correlation between Guangzhou Shangpin Home and APT Medical, you can compare the effects of market volatilities on Guangzhou Shangpin 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 Guangzhou Shangpin with a short position of APT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Shangpin and APT Medical.
Diversification Opportunities for Guangzhou Shangpin and APT Medical
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Guangzhou and APT is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Shangpin Home and APT Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APT Medical and Guangzhou Shangpin 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 Guangzhou Shangpin Home 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 Guangzhou Shangpin i.e., Guangzhou Shangpin and APT Medical go up and down completely randomly.
Pair Corralation between Guangzhou Shangpin and APT Medical
Assuming the 90 days trading horizon Guangzhou Shangpin Home is expected to generate 0.81 times more return on investment than APT Medical. However, Guangzhou Shangpin Home is 1.23 times less risky than APT Medical. It trades about 0.3 of its potential returns per unit of risk. APT Medical is currently generating about 0.03 per unit of risk. If you would invest 1,293 in Guangzhou Shangpin Home on September 3, 2024 and sell it today you would earn a total of 190.00 from holding Guangzhou Shangpin Home or generate 14.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Shangpin Home vs. APT Medical
Performance |
| Timeline |
| Guangzhou Shangpin Home |
| APT Medical |
Guangzhou Shangpin and APT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Shangpin and APT Medical
The main advantage of trading using opposite Guangzhou Shangpin and APT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Shangpin 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.| Guangzhou Shangpin vs. PetroChina Co Ltd | Guangzhou Shangpin vs. China Mobile Limited | Guangzhou Shangpin vs. Industrial and Commercial | Guangzhou Shangpin vs. China Life Insurance |
| APT Medical vs. Agricultural Bank of | APT Medical vs. Hefei Metalforming Mach | APT Medical vs. Guosheng Financial Holding | APT Medical vs. Zhejiang Yayi Metal |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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