Correlation Between APT Medical and YLZ Information
Specify exactly 2 symbols:
By analyzing existing cross correlation between APT Medical and YLZ Information Tech, you can compare the effects of market volatilities on APT Medical and YLZ Information 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 YLZ Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and YLZ Information.
Diversification Opportunities for APT Medical and YLZ Information
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between APT and YLZ is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and YLZ Information Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on YLZ Information Tech 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 YLZ Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of YLZ Information Tech has no effect on the direction of APT Medical i.e., APT Medical and YLZ Information go up and down completely randomly.
Pair Corralation between APT Medical and YLZ Information
Assuming the 90 days trading horizon APT Medical is expected to under-perform the YLZ Information. In addition to that, APT Medical is 1.17 times more volatile than YLZ Information Tech. It trades about -0.05 of its total potential returns per unit of risk. YLZ Information Tech is currently generating about 0.22 per unit of volatility. If you would invest 323.00 in YLZ Information Tech on September 2, 2024 and sell it today you would earn a total of 38.00 from holding YLZ Information Tech or generate 11.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
APT Medical vs. YLZ Information Tech
Performance |
| Timeline |
| APT Medical |
| YLZ Information Tech |
APT Medical and YLZ Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and YLZ Information
The main advantage of trading using opposite APT Medical and YLZ Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, YLZ Information 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 YLZ Information will offset losses from the drop in YLZ Information'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 |
| YLZ Information vs. Chongqing Brewery Co | YLZ Information vs. Agricultural Bank of | YLZ Information vs. Eastroc Beverage Group | YLZ Information vs. Unisplendour Corp |
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.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |