Correlation Between APT Medical and Guangzhou KingTeller
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By analyzing existing cross correlation between APT Medical and Guangzhou KingTeller Technology, you can compare the effects of market volatilities on APT Medical and Guangzhou KingTeller 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 APT Medical with a short position of Guangzhou KingTeller. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Guangzhou KingTeller.
Diversification Opportunities for APT Medical and Guangzhou KingTeller
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between APT and Guangzhou is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Guangzhou KingTeller Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou KingTeller and APT Medical 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 APT Medical are associated (or correlated) with Guangzhou KingTeller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou KingTeller has no effect on the direction of APT Medical i.e., APT Medical and Guangzhou KingTeller go up and down completely randomly.
Pair Corralation between APT Medical and Guangzhou KingTeller
Assuming the 90 days trading horizon APT Medical is expected to generate 1.8 times less return on investment than Guangzhou KingTeller. But when comparing it to its historical volatility, APT Medical is 1.48 times less risky than Guangzhou KingTeller. It trades about 0.05 of its potential returns per unit of risk. Guangzhou KingTeller Technology is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 364.00 in Guangzhou KingTeller Technology on October 22, 2024 and sell it today you would earn a total of 137.00 from holding Guangzhou KingTeller Technology or generate 37.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
APT Medical vs. Guangzhou KingTeller Technolog
Performance |
| Timeline |
| APT Medical |
| Guangzhou KingTeller |
APT Medical and Guangzhou KingTeller Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Guangzhou KingTeller
The main advantage of trading using opposite APT Medical and Guangzhou KingTeller positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Guangzhou KingTeller 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 Guangzhou KingTeller will offset losses from the drop in Guangzhou KingTeller's long position.| APT Medical vs. Tongxing Environmental Protection | APT Medical vs. Anyang Iron Steel | APT Medical vs. GreenTech Environmental Co | APT Medical vs. Lander Sports Development |
| Guangzhou KingTeller vs. APT Medical | Guangzhou KingTeller vs. Citic Offshore Helicopter | Guangzhou KingTeller vs. Shenzhen Glory Medical | Guangzhou KingTeller vs. Integrated Electronic Systems |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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