Correlation Between APT Medical and Xinjiang Tianrun
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By analyzing existing cross correlation between APT Medical and Xinjiang Tianrun Dairy, you can compare the effects of market volatilities on APT Medical and Xinjiang Tianrun 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 Xinjiang Tianrun. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Xinjiang Tianrun.
Diversification Opportunities for APT Medical and Xinjiang Tianrun
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between APT and Xinjiang is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Xinjiang Tianrun Dairy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinjiang Tianrun Dairy 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 Xinjiang Tianrun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinjiang Tianrun Dairy has no effect on the direction of APT Medical i.e., APT Medical and Xinjiang Tianrun go up and down completely randomly.
Pair Corralation between APT Medical and Xinjiang Tianrun
Assuming the 90 days trading horizon APT Medical is expected to generate 0.66 times more return on investment than Xinjiang Tianrun. However, APT Medical is 1.51 times less risky than Xinjiang Tianrun. It trades about 0.05 of its potential returns per unit of risk. Xinjiang Tianrun Dairy is currently generating about -0.01 per unit of risk. If you would invest 35,502 in APT Medical on September 28, 2024 and sell it today you would earn a total of 589.00 from holding APT Medical or generate 1.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
APT Medical vs. Xinjiang Tianrun Dairy
Performance |
| Timeline |
| APT Medical |
| Xinjiang Tianrun Dairy |
APT Medical and Xinjiang Tianrun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Xinjiang Tianrun
The main advantage of trading using opposite APT Medical and Xinjiang Tianrun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Xinjiang Tianrun 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 Xinjiang Tianrun will offset losses from the drop in Xinjiang Tianrun's long position.| APT Medical vs. New China Life | APT Medical vs. Ming Yang Smart | APT Medical vs. 159681 | APT Medical vs. 159005 |
| Xinjiang Tianrun vs. Kweichow Moutai Co | Xinjiang Tianrun vs. NAURA Technology Group | Xinjiang Tianrun vs. Zhejiang Orient Gene | Xinjiang Tianrun 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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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