Correlation Between APT Medical and Beijing Kaiwen
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By analyzing existing cross correlation between APT Medical and Beijing Kaiwen Education, you can compare the effects of market volatilities on APT Medical and Beijing Kaiwen 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 Beijing Kaiwen. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Beijing Kaiwen.
Diversification Opportunities for APT Medical and Beijing Kaiwen
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between APT and Beijing is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Beijing Kaiwen Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kaiwen Education 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 Beijing Kaiwen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kaiwen Education has no effect on the direction of APT Medical i.e., APT Medical and Beijing Kaiwen go up and down completely randomly.
Pair Corralation between APT Medical and Beijing Kaiwen
Assuming the 90 days trading horizon APT Medical is expected to generate 0.73 times more return on investment than Beijing Kaiwen. However, APT Medical is 1.37 times less risky than Beijing Kaiwen. It trades about 0.06 of its potential returns per unit of risk. Beijing Kaiwen Education is currently generating about 0.03 per unit of risk. If you would invest 26,204 in APT Medical on September 3, 2024 and sell it today you would earn a total of 10,096 from holding APT Medical or generate 38.53% 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. Beijing Kaiwen Education
Performance |
| Timeline |
| APT Medical |
| Beijing Kaiwen Education |
APT Medical and Beijing Kaiwen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Beijing Kaiwen
The main advantage of trading using opposite APT Medical and Beijing Kaiwen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Beijing Kaiwen 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 Beijing Kaiwen will offset losses from the drop in Beijing Kaiwen's long position.| APT Medical vs. Agricultural Bank of | APT Medical vs. Hefei Metalforming Mach | APT Medical vs. Guosheng Financial Holding | APT Medical vs. Zhejiang Yayi Metal |
| Beijing Kaiwen vs. Cultural Investment Holdings | Beijing Kaiwen vs. Gome Telecom Equipment | Beijing Kaiwen vs. Bus Online Co | Beijing Kaiwen vs. Holitech Technology Co |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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