Correlation Between Dynagreen Environmental and APT Medical
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By analyzing existing cross correlation between Dynagreen Environmental Protection and APT Medical, you can compare the effects of market volatilities on Dynagreen Environmental 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 Dynagreen Environmental with a short position of APT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dynagreen Environmental and APT Medical.
Diversification Opportunities for Dynagreen Environmental and APT Medical
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Dynagreen and APT is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Dynagreen Environmental Protec and APT Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APT Medical and Dynagreen Environmental 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 Dynagreen Environmental Protection 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 Dynagreen Environmental i.e., Dynagreen Environmental and APT Medical go up and down completely randomly.
Pair Corralation between Dynagreen Environmental and APT Medical
Assuming the 90 days trading horizon Dynagreen Environmental Protection is expected to under-perform the APT Medical. But the stock apears to be less risky and, when comparing its historical volatility, Dynagreen Environmental Protection is 1.67 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 0.03 of returns per unit of risk over similar time horizon. If you would invest 31,207 in APT Medical on October 14, 2024 and sell it today you would earn a total of 2,476 from holding APT Medical or generate 7.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dynagreen Environmental Protec vs. APT Medical
Performance |
| Timeline |
| Dynagreen Environmental |
| APT Medical |
Dynagreen Environmental and APT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dynagreen Environmental and APT Medical
The main advantage of trading using opposite Dynagreen Environmental and APT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dynagreen Environmental 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.The idea behind Dynagreen Environmental Protection and APT Medical pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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