Correlation Between APT Medical and Guangdong Shenglu
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By analyzing existing cross correlation between APT Medical and Guangdong Shenglu Telecommunication, you can compare the effects of market volatilities on APT Medical and Guangdong Shenglu 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 Guangdong Shenglu. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Guangdong Shenglu.
Diversification Opportunities for APT Medical and Guangdong Shenglu
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between APT and Guangdong is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Guangdong Shenglu Telecommunic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Shenglu 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 Guangdong Shenglu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Shenglu has no effect on the direction of APT Medical i.e., APT Medical and Guangdong Shenglu go up and down completely randomly.
Pair Corralation between APT Medical and Guangdong Shenglu
Assuming the 90 days trading horizon APT Medical is expected to generate 0.87 times more return on investment than Guangdong Shenglu. However, APT Medical is 1.15 times less risky than Guangdong Shenglu. It trades about 0.06 of its potential returns per unit of risk. Guangdong Shenglu Telecommunication is currently generating about -0.01 per unit of risk. If you would invest 19,599 in APT Medical on September 2, 2024 and sell it today you would earn a total of 16,663 from holding APT Medical or generate 85.02% 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. Guangdong Shenglu Telecommunic
Performance |
| Timeline |
| APT Medical |
| Guangdong Shenglu |
APT Medical and Guangdong Shenglu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Guangdong Shenglu
The main advantage of trading using opposite APT Medical and Guangdong Shenglu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Guangdong Shenglu 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 Guangdong Shenglu will offset losses from the drop in Guangdong Shenglu's long position.| APT Medical vs. Nanjing Putian Telecommunications | APT Medical vs. Shenzhen Hifuture Electric | APT Medical vs. Tianjin Realty Development | APT Medical vs. Shenyang Huitian Thermal |
| Guangdong Shenglu vs. Industrial and Commercial | Guangdong Shenglu vs. Kweichow Moutai Co | Guangdong Shenglu vs. Agricultural Bank of | Guangdong Shenglu vs. China Mobile Limited |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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