Correlation Between Nanjing OLO and APT Medical
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By analyzing existing cross correlation between Nanjing OLO Home and APT Medical, you can compare the effects of market volatilities on Nanjing OLO 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 Nanjing OLO with a short position of APT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing OLO and APT Medical.
Diversification Opportunities for Nanjing OLO and APT Medical
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Nanjing and APT is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing OLO Home and APT Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APT Medical and Nanjing OLO 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 Nanjing OLO Home 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 Nanjing OLO i.e., Nanjing OLO and APT Medical go up and down completely randomly.
Pair Corralation between Nanjing OLO and APT Medical
Assuming the 90 days trading horizon Nanjing OLO Home is expected to under-perform the APT Medical. In addition to that, Nanjing OLO is 1.53 times more volatile than APT Medical. It trades about -0.05 of its total potential returns per unit of risk. APT Medical is currently generating about 0.06 per unit of volatility. If you would invest 36,262 in APT Medical on October 30, 2024 and sell it today you would earn a total of 1,588 from holding APT Medical or generate 4.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nanjing OLO Home vs. APT Medical
Performance |
| Timeline |
| Nanjing OLO Home |
| APT Medical |
Nanjing OLO and APT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing OLO and APT Medical
The main advantage of trading using opposite Nanjing OLO and APT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing OLO 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.| Nanjing OLO vs. Shenzhen Centralcon Investment | Nanjing OLO vs. Sanbo Hospital Management | Nanjing OLO vs. Harbin Air Conditioning | Nanjing OLO vs. China Eastern Airlines |
| APT Medical vs. StarPower Semiconductor | APT Medical vs. Giantec Semiconductor Corp | APT Medical vs. Lontium Semiconductor Corp | APT Medical vs. Suzhou Oriental Semiconductor |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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