Correlation Between APT Medical and CIMC Vehicles
Specify exactly 2 symbols:
By analyzing existing cross correlation between APT Medical and CIMC Vehicles Co, you can compare the effects of market volatilities on APT Medical and CIMC Vehicles 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 CIMC Vehicles. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and CIMC Vehicles.
Diversification Opportunities for APT Medical and CIMC Vehicles
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between APT and CIMC is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and CIMC Vehicles Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CIMC Vehicles 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 CIMC Vehicles. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CIMC Vehicles has no effect on the direction of APT Medical i.e., APT Medical and CIMC Vehicles go up and down completely randomly.
Pair Corralation between APT Medical and CIMC Vehicles
Assuming the 90 days trading horizon APT Medical is expected to under-perform the CIMC Vehicles. In addition to that, APT Medical is 1.52 times more volatile than CIMC Vehicles Co. It trades about -0.05 of its total potential returns per unit of risk. CIMC Vehicles Co is currently generating about 0.07 per unit of volatility. If you would invest 963.00 in CIMC Vehicles Co on September 2, 2024 and sell it today you would earn a total of 23.00 from holding CIMC Vehicles Co or generate 2.39% 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. CIMC Vehicles Co
Performance |
| Timeline |
| APT Medical |
| CIMC Vehicles |
APT Medical and CIMC Vehicles Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and CIMC Vehicles
The main advantage of trading using opposite APT Medical and CIMC Vehicles positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, CIMC Vehicles 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 CIMC Vehicles will offset losses from the drop in CIMC Vehicles' 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 |
| CIMC Vehicles vs. Kweichow Moutai Co | CIMC Vehicles vs. NAURA Technology Group | CIMC Vehicles vs. Zhejiang Orient Gene | CIMC Vehicles 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 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.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |