Correlation Between G Bits and APT Medical
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By analyzing existing cross correlation between G bits Network Technology and APT Medical, you can compare the effects of market volatilities on G Bits 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 G Bits with a short position of APT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and APT Medical.
Diversification Opportunities for G Bits and APT Medical
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 603444 and APT is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and APT Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APT Medical and G Bits 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 G bits Network Technology 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 G Bits i.e., G Bits and APT Medical go up and down completely randomly.
Pair Corralation between G Bits and APT Medical
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the APT Medical. In addition to that, G Bits is 1.11 times more volatile than APT Medical. It trades about -0.02 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 19,592 in APT Medical on September 5, 2024 and sell it today you would earn a total of 17,758 from holding APT Medical or generate 90.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. APT Medical
Performance |
| Timeline |
| G bits Network |
| APT Medical |
G Bits and APT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and APT Medical
The main advantage of trading using opposite G Bits and APT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits 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.| G Bits vs. Hainan Haiqi Transportation | G Bits vs. Hubeiyichang Transportation Group | G Bits vs. Dazhong Transportation Group | G Bits vs. Cultural Investment Holdings |
| APT Medical vs. Kweichow Moutai Co | APT Medical vs. Contemporary Amperex Technology | APT Medical vs. G bits Network Technology | APT Medical vs. Beijing Roborock Technology |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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