Correlation Between APT Medical and Huizhou Speed
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By analyzing existing cross correlation between APT Medical and Huizhou Speed Wireless, you can compare the effects of market volatilities on APT Medical and Huizhou Speed 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 Huizhou Speed. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Huizhou Speed.
Diversification Opportunities for APT Medical and Huizhou Speed
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between APT and Huizhou is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Huizhou Speed Wireless in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huizhou Speed Wireless 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 Huizhou Speed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huizhou Speed Wireless has no effect on the direction of APT Medical i.e., APT Medical and Huizhou Speed go up and down completely randomly.
Pair Corralation between APT Medical and Huizhou Speed
Assuming the 90 days trading horizon APT Medical is expected to generate 0.57 times more return on investment than Huizhou Speed. However, APT Medical is 1.75 times less risky than Huizhou Speed. It trades about -0.01 of its potential returns per unit of risk. Huizhou Speed Wireless is currently generating about -0.06 per unit of risk. If you would invest 38,623 in APT Medical on October 26, 2024 and sell it today you would lose (1,328) from holding APT Medical or give up 3.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
APT Medical vs. Huizhou Speed Wireless
Performance |
| Timeline |
| APT Medical |
| Huizhou Speed Wireless |
APT Medical and Huizhou Speed Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Huizhou Speed
The main advantage of trading using opposite APT Medical and Huizhou Speed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Huizhou Speed 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 Huizhou Speed will offset losses from the drop in Huizhou Speed's long position.| APT Medical vs. Agricultural Bank of | APT Medical vs. Industrial and Commercial | APT Medical vs. Bank of China | APT Medical vs. China Construction Bank |
| Huizhou Speed vs. Bus Online Co | Huizhou Speed vs. Holitech Technology Co | Huizhou Speed vs. Gome Telecom Equipment | Huizhou Speed vs. Cultural Investment Holdings |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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