Correlation Between APT Medical and TS Communications
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By analyzing existing cross correlation between APT Medical and TS Communications Co, you can compare the effects of market volatilities on APT Medical and TS Communications 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 TS Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and TS Communications.
Diversification Opportunities for APT Medical and TS Communications
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between APT and 300570 is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and TS Communications Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TS Communications 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 TS Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TS Communications has no effect on the direction of APT Medical i.e., APT Medical and TS Communications go up and down completely randomly.
Pair Corralation between APT Medical and TS Communications
Assuming the 90 days trading horizon APT Medical is expected to generate 0.65 times more return on investment than TS Communications. However, APT Medical is 1.54 times less risky than TS Communications. It trades about -0.05 of its potential returns per unit of risk. TS Communications Co is currently generating about -0.09 per unit of risk. If you would invest 36,550 in APT Medical on August 31, 2024 and sell it today you would lose (1,335) from holding APT Medical or give up 3.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
APT Medical vs. TS Communications Co
Performance |
| Timeline |
| APT Medical |
| TS Communications |
APT Medical and TS Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and TS Communications
The main advantage of trading using opposite APT Medical and TS Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, TS Communications 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 TS Communications will offset losses from the drop in TS Communications' 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 |
| TS Communications vs. Kweichow Moutai Co | TS Communications vs. NAURA Technology Group | TS Communications vs. APT Medical | TS Communications 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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