Correlation Between APT Medical and Nanjing Putian
Specify exactly 2 symbols:
By analyzing existing cross correlation between APT Medical and Nanjing Putian Telecommunications, you can compare the effects of market volatilities on APT Medical and Nanjing Putian 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 Nanjing Putian. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Nanjing Putian.
Diversification Opportunities for APT Medical and Nanjing Putian
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between APT and Nanjing is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Nanjing Putian Telecommunicati in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Putian Telec 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 Nanjing Putian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Putian Telec has no effect on the direction of APT Medical i.e., APT Medical and Nanjing Putian go up and down completely randomly.
Pair Corralation between APT Medical and Nanjing Putian
Assuming the 90 days trading horizon APT Medical is expected to generate 0.7 times more return on investment than Nanjing Putian. However, APT Medical is 1.42 times less risky than Nanjing Putian. It trades about 0.05 of its potential returns per unit of risk. Nanjing Putian Telecommunications is currently generating about 0.04 per unit of risk. If you would invest 23,744 in APT Medical on August 31, 2024 and sell it today you would earn a total of 11,471 from holding APT Medical or generate 48.31% 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. Nanjing Putian Telecommunicati
Performance |
| Timeline |
| APT Medical |
| Nanjing Putian Telec |
APT Medical and Nanjing Putian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Nanjing Putian
The main advantage of trading using opposite APT Medical and Nanjing Putian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Nanjing Putian 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 Nanjing Putian will offset losses from the drop in Nanjing Putian's long position.| APT Medical vs. PetroChina Co Ltd | APT Medical vs. China Mobile Limited | APT Medical vs. Ping An Insurance | APT Medical vs. China Petroleum Chemical |
| Nanjing Putian vs. Kweichow Moutai Co | Nanjing Putian vs. NAURA Technology Group | Nanjing Putian vs. APT Medical | Nanjing Putian vs. Contemporary Amperex Technology |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |