Correlation Between APT Medical and Jiangxi Lianchuang
Specify exactly 2 symbols:
By analyzing existing cross correlation between APT Medical and Jiangxi Lianchuang Opto electronic, you can compare the effects of market volatilities on APT Medical and Jiangxi Lianchuang 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 Jiangxi Lianchuang. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Jiangxi Lianchuang.
Diversification Opportunities for APT Medical and Jiangxi Lianchuang
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between APT and Jiangxi is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Jiangxi Lianchuang Opto electr in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Lianchuang Opto 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 Jiangxi Lianchuang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Lianchuang Opto has no effect on the direction of APT Medical i.e., APT Medical and Jiangxi Lianchuang go up and down completely randomly.
Pair Corralation between APT Medical and Jiangxi Lianchuang
Assuming the 90 days trading horizon APT Medical is expected to generate 0.64 times more return on investment than Jiangxi Lianchuang. However, APT Medical is 1.57 times less risky than Jiangxi Lianchuang. It trades about 0.09 of its potential returns per unit of risk. Jiangxi Lianchuang Opto electronic is currently generating about 0.05 per unit of risk. If you would invest 33,702 in APT Medical on September 18, 2024 and sell it today you would earn a total of 1,398 from holding APT Medical or generate 4.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
APT Medical vs. Jiangxi Lianchuang Opto electr
Performance |
| Timeline |
| APT Medical |
| Jiangxi Lianchuang Opto |
APT Medical and Jiangxi Lianchuang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Jiangxi Lianchuang
The main advantage of trading using opposite APT Medical and Jiangxi Lianchuang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Jiangxi Lianchuang 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 Jiangxi Lianchuang will offset losses from the drop in Jiangxi Lianchuang's long position.| APT Medical vs. Industrial and Commercial | APT Medical vs. Kweichow Moutai Co | APT Medical vs. Agricultural Bank of | APT Medical vs. China Mobile Limited |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |