Correlation Between Apollo Medical and Traton SE
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By analyzing existing cross correlation between Apollo Medical Holdings and Traton SE, you can compare the effects of market volatilities on Apollo Medical and Traton SE 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 Apollo Medical with a short position of Traton SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apollo Medical and Traton SE.
Diversification Opportunities for Apollo Medical and Traton SE
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Apollo and Traton is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Apollo Medical Holdings and Traton SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Traton SE and Apollo Medical 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 Apollo Medical Holdings are associated (or correlated) with Traton SE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Traton SE has no effect on the direction of Apollo Medical i.e., Apollo Medical and Traton SE go up and down completely randomly.
Pair Corralation between Apollo Medical and Traton SE
Assuming the 90 days horizon Apollo Medical Holdings is expected to generate 1.1 times more return on investment than Traton SE. However, Apollo Medical is 1.1 times more volatile than Traton SE. It trades about 0.23 of its potential returns per unit of risk. Traton SE is currently generating about -0.02 per unit of risk. If you would invest 3,580 in Apollo Medical Holdings on September 2, 2024 and sell it today you would earn a total of 420.00 from holding Apollo Medical Holdings or generate 11.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Apollo Medical Holdings vs. Traton SE
Performance |
| Timeline |
| Apollo Medical Holdings |
| Traton SE |
Apollo Medical and Traton SE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apollo Medical and Traton SE
The main advantage of trading using opposite Apollo Medical and Traton SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apollo Medical position performs unexpectedly, Traton SE 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 Traton SE will offset losses from the drop in Traton SE's long position.| Apollo Medical vs. Apollo Investment Corp | Apollo Medical vs. AVITA Medical | Apollo Medical vs. IMAGIN MEDICAL INC | Apollo Medical vs. MeVis Medical Solutions |
| Traton SE vs. Apollo Medical Holdings | Traton SE vs. CyberArk Software | Traton SE vs. Japan Medical Dynamic | Traton SE vs. Clearside Biomedical |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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