Correlation Between Xinjiang Baodi and APT Medical
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By analyzing existing cross correlation between Xinjiang Baodi Mining and APT Medical, you can compare the effects of market volatilities on Xinjiang Baodi 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 Xinjiang Baodi with a short position of APT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Baodi and APT Medical.
Diversification Opportunities for Xinjiang Baodi and APT Medical
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xinjiang and APT is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Baodi Mining and APT Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APT Medical and Xinjiang Baodi 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 Xinjiang Baodi Mining 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 Xinjiang Baodi i.e., Xinjiang Baodi and APT Medical go up and down completely randomly.
Pair Corralation between Xinjiang Baodi and APT Medical
Assuming the 90 days trading horizon Xinjiang Baodi is expected to generate 2.3 times less return on investment than APT Medical. In addition to that, Xinjiang Baodi is 1.11 times more volatile than APT Medical. It trades about 0.02 of its total potential returns per unit of risk. APT Medical is currently generating about 0.04 per unit of volatility. 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 | 93.93% |
| Values | Daily Returns |
Xinjiang Baodi Mining vs. APT Medical
Performance |
| Timeline |
| Xinjiang Baodi Mining |
| APT Medical |
Xinjiang Baodi and APT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Baodi and APT Medical
The main advantage of trading using opposite Xinjiang Baodi and APT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Baodi 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.| Xinjiang Baodi vs. Chongqing Shunbo Aluminum | Xinjiang Baodi vs. Yindu Kitchen Equipment | Xinjiang Baodi vs. China Aluminum International | Xinjiang Baodi vs. Rising Nonferrous Metals |
| 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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