Correlation Between APT Medical and Jiangyin Jianghua
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By analyzing existing cross correlation between APT Medical and Jiangyin Jianghua Microelectronics, you can compare the effects of market volatilities on APT Medical and Jiangyin Jianghua 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 Jiangyin Jianghua. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Jiangyin Jianghua.
Diversification Opportunities for APT Medical and Jiangyin Jianghua
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between APT and Jiangyin is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Jiangyin Jianghua Microelectro in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangyin Jianghua 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 Jiangyin Jianghua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangyin Jianghua has no effect on the direction of APT Medical i.e., APT Medical and Jiangyin Jianghua go up and down completely randomly.
Pair Corralation between APT Medical and Jiangyin Jianghua
Assuming the 90 days trading horizon APT Medical is expected to generate 1.41 times more return on investment than Jiangyin Jianghua. However, APT Medical is 1.41 times more volatile than Jiangyin Jianghua Microelectronics. It trades about 0.12 of its potential returns per unit of risk. Jiangyin Jianghua Microelectronics is currently generating about 0.12 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 | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
APT Medical vs. Jiangyin Jianghua Microelectro
Performance |
| Timeline |
| APT Medical |
| Jiangyin Jianghua |
APT Medical and Jiangyin Jianghua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Jiangyin Jianghua
The main advantage of trading using opposite APT Medical and Jiangyin Jianghua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Jiangyin Jianghua 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 Jiangyin Jianghua will offset losses from the drop in Jiangyin Jianghua'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 |
| Jiangyin Jianghua vs. Nanjing OLO Home | Jiangyin Jianghua vs. Zhangjiagang Elegant Home | Jiangyin Jianghua vs. Ziel Home Furnishing | Jiangyin Jianghua vs. Sinomach Automobile 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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