Correlation Between APT Medical and Sichuan Fulin
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By analyzing existing cross correlation between APT Medical and Sichuan Fulin Transportation, you can compare the effects of market volatilities on APT Medical and Sichuan Fulin 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 Sichuan Fulin. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Sichuan Fulin.
Diversification Opportunities for APT Medical and Sichuan Fulin
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between APT and Sichuan is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Sichuan Fulin Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sichuan Fulin Transp 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 Sichuan Fulin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sichuan Fulin Transp has no effect on the direction of APT Medical i.e., APT Medical and Sichuan Fulin go up and down completely randomly.
Pair Corralation between APT Medical and Sichuan Fulin
Assuming the 90 days trading horizon APT Medical is expected to generate 4.05 times less return on investment than Sichuan Fulin. In addition to that, APT Medical is 1.42 times more volatile than Sichuan Fulin Transportation. It trades about 0.07 of its total potential returns per unit of risk. Sichuan Fulin Transportation is currently generating about 0.41 per unit of volatility. If you would invest 613.00 in Sichuan Fulin Transportation on September 5, 2024 and sell it today you would earn a total of 119.00 from holding Sichuan Fulin Transportation or generate 19.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
APT Medical vs. Sichuan Fulin Transportation
Performance |
| Timeline |
| APT Medical |
| Sichuan Fulin Transp |
APT Medical and Sichuan Fulin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Sichuan Fulin
The main advantage of trading using opposite APT Medical and Sichuan Fulin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Sichuan Fulin 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 Sichuan Fulin will offset losses from the drop in Sichuan Fulin's long position.| 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 |
| Sichuan Fulin vs. Kweichow Moutai Co | Sichuan Fulin vs. NAURA Technology Group | Sichuan Fulin vs. Zhejiang Orient Gene | Sichuan Fulin vs. APT Medical |
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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