Correlation Between HMTNew Technical and APT Medical
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By analyzing existing cross correlation between HMTNew Technical and APT Medical, you can compare the effects of market volatilities on HMTNew Technical 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 HMTNew Technical with a short position of APT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of HMTNew Technical and APT Medical.
Diversification Opportunities for HMTNew Technical and APT Medical
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HMTNew and APT is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding HMTNew Technical and APT Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APT Medical and HMTNew Technical 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 HMTNew Technical 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 HMTNew Technical i.e., HMTNew Technical and APT Medical go up and down completely randomly.
Pair Corralation between HMTNew Technical and APT Medical
Assuming the 90 days trading horizon HMTNew Technical is expected to under-perform the APT Medical. In addition to that, HMTNew Technical is 1.57 times more volatile than APT Medical. It trades about -0.03 of its total potential returns per unit of risk. APT Medical is currently generating about 0.18 per unit of volatility. If you would invest 33,280 in APT Medical on September 12, 2024 and sell it today you would earn a total of 3,353 from holding APT Medical or generate 10.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
HMTNew Technical vs. APT Medical
Performance |
| Timeline |
| HMTNew Technical |
| APT Medical |
HMTNew Technical and APT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HMTNew Technical and APT Medical
The main advantage of trading using opposite HMTNew Technical and APT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HMTNew Technical 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.| HMTNew Technical vs. Guangxi Wuzhou Communications | HMTNew Technical vs. Lander Sports Development | HMTNew Technical vs. Jinhui Liquor Co | HMTNew Technical vs. Guangdong Shenglu Telecommunication |
| APT Medical vs. Cultural Investment Holdings | APT Medical vs. Gome Telecom Equipment | APT Medical vs. Holitech Technology Co | APT Medical vs. Zotye Automobile Co |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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