Correlation Between UE Furniture and APT Medical
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By analyzing existing cross correlation between UE Furniture Co and APT Medical, you can compare the effects of market volatilities on UE Furniture 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 UE Furniture with a short position of APT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of UE Furniture and APT Medical.
Diversification Opportunities for UE Furniture and APT Medical
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between 603600 and APT is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding UE Furniture Co and APT Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APT Medical and UE Furniture 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 UE Furniture Co 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 UE Furniture i.e., UE Furniture and APT Medical go up and down completely randomly.
Pair Corralation between UE Furniture and APT Medical
Assuming the 90 days trading horizon UE Furniture Co is expected to generate 1.36 times more return on investment than APT Medical. However, UE Furniture is 1.36 times more volatile than APT Medical. It trades about 0.09 of its potential returns per unit of risk. APT Medical is currently generating about 0.06 per unit of risk. If you would invest 1,170 in UE Furniture Co on October 30, 2024 and sell it today you would earn a total of 115.00 from holding UE Furniture Co or generate 9.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
UE Furniture Co vs. APT Medical
Performance |
| Timeline |
| UE Furniture |
| APT Medical |
UE Furniture and APT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UE Furniture and APT Medical
The main advantage of trading using opposite UE Furniture and APT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UE Furniture 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.| UE Furniture vs. Touchstone International Medical | UE Furniture vs. Lotus Health Group | UE Furniture vs. Dezhan HealthCare Co | UE Furniture vs. Healthcare Co |
| 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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