Correlation Between APT Medical and Techshine Electronics
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By analyzing existing cross correlation between APT Medical and Techshine Electronics Co, you can compare the effects of market volatilities on APT Medical and Techshine 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 Techshine Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Techshine Electronics.
Diversification Opportunities for APT Medical and Techshine Electronics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between APT and Techshine is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Techshine Electronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Techshine 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 Techshine Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Techshine Electronics has no effect on the direction of APT Medical i.e., APT Medical and Techshine Electronics go up and down completely randomly.
Pair Corralation between APT Medical and Techshine Electronics
Assuming the 90 days trading horizon APT Medical is expected to under-perform the Techshine Electronics. But the stock apears to be less risky and, when comparing its historical volatility, APT Medical is 1.15 times less risky than Techshine Electronics. The stock trades about 0.0 of its potential returns per unit of risk. The Techshine Electronics Co is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 2,007 in Techshine Electronics Co on October 25, 2024 and sell it today you would earn a total of 149.00 from holding Techshine Electronics Co or generate 7.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
APT Medical vs. Techshine Electronics Co
Performance |
| Timeline |
| APT Medical |
| Techshine Electronics |
APT Medical and Techshine Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Techshine Electronics
The main advantage of trading using opposite APT Medical and Techshine Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Techshine 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 Techshine Electronics will offset losses from the drop in Techshine Electronics' long position.| APT Medical vs. Agricultural Bank of | APT Medical vs. Industrial and Commercial | APT Medical vs. Bank of China | APT Medical vs. China Construction Bank |
| Techshine Electronics vs. Kweichow Moutai Co | Techshine Electronics vs. NAURA Technology Group | Techshine Electronics vs. APT Medical | Techshine Electronics vs. BYD Co Ltd |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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