Correlation Between Industrial and APT Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Industrial and Commercial and APT Medical, you can compare the effects of market volatilities on Industrial 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 Industrial with a short position of APT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Industrial and APT Medical.
Diversification Opportunities for Industrial and APT Medical
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Industrial and APT is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Industrial and Commercial and APT Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APT Medical and Industrial 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 Industrial and Commercial 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 Industrial i.e., Industrial and APT Medical go up and down completely randomly.
Pair Corralation between Industrial and APT Medical
Assuming the 90 days trading horizon Industrial is expected to generate 1.08 times less return on investment than APT Medical. But when comparing it to its historical volatility, Industrial and Commercial is 2.42 times less risky than APT Medical. It trades about 0.28 of its potential returns per unit of risk. APT Medical is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 34,436 in APT Medical on September 14, 2024 and sell it today you would earn a total of 2,163 from holding APT Medical or generate 6.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Industrial and Commercial vs. APT Medical
Performance |
| Timeline |
| Industrial and Commercial |
| APT Medical |
Industrial and APT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Industrial and APT Medical
The main advantage of trading using opposite Industrial and APT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Industrial 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.| Industrial vs. Allmed Medical Products | Industrial vs. Blue Sail Medical | Industrial vs. Yingde Greatchem Chemicals | Industrial vs. Zhongzhu Medical Holdings |
| APT Medical vs. Industrial and Commercial | APT Medical vs. Kweichow Moutai Co | APT Medical vs. Agricultural Bank of | APT Medical vs. China Mobile Limited |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |