Correlation Between APT Medical and Anker Innovations
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By analyzing existing cross correlation between APT Medical and Anker Innovations Technology, you can compare the effects of market volatilities on APT Medical and Anker Innovations 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 Anker Innovations. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Anker Innovations.
Diversification Opportunities for APT Medical and Anker Innovations
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between APT and Anker is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Anker Innovations Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anker Innovations 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 Anker Innovations. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anker Innovations has no effect on the direction of APT Medical i.e., APT Medical and Anker Innovations go up and down completely randomly.
Pair Corralation between APT Medical and Anker Innovations
Assuming the 90 days trading horizon APT Medical is expected to under-perform the Anker Innovations. But the stock apears to be less risky and, when comparing its historical volatility, APT Medical is 1.33 times less risky than Anker Innovations. The stock trades about -0.09 of its potential returns per unit of risk. The Anker Innovations Technology is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest 8,950 in Anker Innovations Technology on October 16, 2024 and sell it today you would earn a total of 1,394 from holding Anker Innovations Technology or generate 15.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
APT Medical vs. Anker Innovations Technology
Performance |
| Timeline |
| APT Medical |
| Anker Innovations |
APT Medical and Anker Innovations Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Anker Innovations
The main advantage of trading using opposite APT Medical and Anker Innovations positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Anker Innovations 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 Anker Innovations will offset losses from the drop in Anker Innovations' long position.| APT Medical vs. Nanjing OLO Home | APT Medical vs. Sihui Fuji Electronics | APT Medical vs. Hunan Mendale Hometextile | APT Medical vs. UE Furniture Co |
| Anker Innovations vs. Kweichow Moutai Co | Anker Innovations vs. NAURA Technology Group | Anker Innovations vs. Zhejiang Orient Gene | Anker Innovations vs. APT Medical |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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