Correlation Between APT Medical and Wuhan Yangtze
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By analyzing existing cross correlation between APT Medical and Wuhan Yangtze Communication, you can compare the effects of market volatilities on APT Medical and Wuhan Yangtze 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 Wuhan Yangtze. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Wuhan Yangtze.
Diversification Opportunities for APT Medical and Wuhan Yangtze
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between APT and Wuhan is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Wuhan Yangtze Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuhan Yangtze Commun 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 Wuhan Yangtze. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuhan Yangtze Commun has no effect on the direction of APT Medical i.e., APT Medical and Wuhan Yangtze go up and down completely randomly.
Pair Corralation between APT Medical and Wuhan Yangtze
Assuming the 90 days trading horizon APT Medical is expected to generate 2.06 times less return on investment than Wuhan Yangtze. But when comparing it to its historical volatility, APT Medical is 1.47 times less risky than Wuhan Yangtze. It trades about 0.12 of its potential returns per unit of risk. Wuhan Yangtze Communication is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 2,103 in Wuhan Yangtze Communication on November 4, 2024 and sell it today you would earn a total of 190.00 from holding Wuhan Yangtze Communication or generate 9.03% 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. Wuhan Yangtze Communication
Performance |
| Timeline |
| APT Medical |
| Wuhan Yangtze Commun |
APT Medical and Wuhan Yangtze Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Wuhan Yangtze
The main advantage of trading using opposite APT Medical and Wuhan Yangtze positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Wuhan Yangtze 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 Wuhan Yangtze will offset losses from the drop in Wuhan Yangtze's 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 |
| Wuhan Yangtze vs. Gan Yuan Foods | Wuhan Yangtze vs. Yan Tai Shuang | Wuhan Yangtze vs. Nuode Investment Co | Wuhan Yangtze vs. Yankershop Food 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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