Correlation Between APT Medical and Contemporary Amperex
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By analyzing existing cross correlation between APT Medical and Contemporary Amperex Technology, you can compare the effects of market volatilities on APT Medical and Contemporary Amperex 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 Contemporary Amperex. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Contemporary Amperex.
Diversification Opportunities for APT Medical and Contemporary Amperex
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between APT and Contemporary is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Contemporary Amperex Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contemporary Amperex 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 Contemporary Amperex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Contemporary Amperex has no effect on the direction of APT Medical i.e., APT Medical and Contemporary Amperex go up and down completely randomly.
Pair Corralation between APT Medical and Contemporary Amperex
Assuming the 90 days trading horizon APT Medical is expected to generate 49.51 times less return on investment than Contemporary Amperex. In addition to that, APT Medical is 1.22 times more volatile than Contemporary Amperex Technology. It trades about 0.0 of its total potential returns per unit of risk. Contemporary Amperex Technology is currently generating about 0.11 per unit of volatility. If you would invest 24,803 in Contemporary Amperex Technology on August 31, 2024 and sell it today you would earn a total of 1,321 from holding Contemporary Amperex Technology or generate 5.33% 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. Contemporary Amperex Technolog
Performance |
| Timeline |
| APT Medical |
| Contemporary Amperex |
APT Medical and Contemporary Amperex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Contemporary Amperex
The main advantage of trading using opposite APT Medical and Contemporary Amperex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Contemporary Amperex 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 Contemporary Amperex will offset losses from the drop in Contemporary Amperex'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 |
| Contemporary Amperex vs. Easyhome New Retail | Contemporary Amperex vs. Orinko Advanced Plastics | Contemporary Amperex vs. Malion New Materials | Contemporary Amperex vs. Jinsanjiang Silicon Material |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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