Correlation Between APT Medical and YiDong Electronics
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By analyzing existing cross correlation between APT Medical and YiDong Electronics Technology, you can compare the effects of market volatilities on APT Medical and YiDong Electronics 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 YiDong Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and YiDong Electronics.
Diversification Opportunities for APT Medical and YiDong Electronics
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between APT and YiDong is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and YiDong Electronics Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on YiDong Electronics 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 YiDong Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of YiDong Electronics has no effect on the direction of APT Medical i.e., APT Medical and YiDong Electronics go up and down completely randomly.
Pair Corralation between APT Medical and YiDong Electronics
Assuming the 90 days trading horizon APT Medical is expected to generate 0.35 times more return on investment than YiDong Electronics. However, APT Medical is 2.88 times less risky than YiDong Electronics. It trades about 0.12 of its potential returns per unit of risk. YiDong Electronics Technology is currently generating about 0.02 per unit of risk. If you would invest 36,292 in APT Medical on November 4, 2024 and sell it today you would earn a total of 1,558 from holding APT Medical or generate 4.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
APT Medical vs. YiDong Electronics Technology
Performance |
| Timeline |
| APT Medical |
| YiDong Electronics |
APT Medical and YiDong Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and YiDong Electronics
The main advantage of trading using opposite APT Medical and YiDong Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, YiDong Electronics 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 YiDong Electronics will offset losses from the drop in YiDong Electronics' long position.| APT Medical vs. Heilongjiang Publishing Media | APT Medical vs. Shenzhen Zhongzhuang Construction | APT Medical vs. COL Digital Publishing | APT Medical vs. Jiangsu Phoenix Publishing |
| YiDong Electronics vs. HeNan Splendor Science | YiDong Electronics vs. CIMC Vehicles Co | YiDong Electronics vs. Changchun Engley Automobile | YiDong Electronics vs. Shenzhen AV Display Co |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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