Correlation Between Ping An and APT Medical
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By analyzing existing cross correlation between Ping An Insurance and APT Medical, you can compare the effects of market volatilities on Ping An 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 Ping An with a short position of APT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and APT Medical.
Diversification Opportunities for Ping An and APT Medical
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ping and APT is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and APT Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APT Medical and Ping An 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 Ping An Insurance 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 Ping An i.e., Ping An and APT Medical go up and down completely randomly.
Pair Corralation between Ping An and APT Medical
Assuming the 90 days trading horizon Ping An is expected to generate 3.1 times less return on investment than APT Medical. But when comparing it to its historical volatility, Ping An Insurance is 1.45 times less risky than APT Medical. It trades about 0.03 of its potential returns per unit of risk. APT Medical is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 19,599 in APT Medical on September 2, 2024 and sell it today you would earn a total of 16,663 from holding APT Medical or generate 85.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. APT Medical
Performance |
| Timeline |
| Ping An Insurance |
| APT Medical |
Ping An and APT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and APT Medical
The main advantage of trading using opposite Ping An and APT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An 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.| Ping An vs. Mingchen Health Co | Ping An vs. Hangzhou Minsheng Healthcare | Ping An vs. By health | Ping An vs. Shandong Longquan Pipeline |
| APT Medical vs. Nanjing Putian Telecommunications | APT Medical vs. Shenzhen Hifuture Electric | APT Medical vs. Tianjin Realty Development | APT Medical vs. Shenyang Huitian Thermal |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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