Correlation Between APT Medical and Xiamen Goldenhome
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By analyzing existing cross correlation between APT Medical and Xiamen Goldenhome Co, you can compare the effects of market volatilities on APT Medical and Xiamen Goldenhome 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 Xiamen Goldenhome. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Xiamen Goldenhome.
Diversification Opportunities for APT Medical and Xiamen Goldenhome
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between APT and Xiamen is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Xiamen Goldenhome Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Goldenhome 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 Xiamen Goldenhome. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Goldenhome has no effect on the direction of APT Medical i.e., APT Medical and Xiamen Goldenhome go up and down completely randomly.
Pair Corralation between APT Medical and Xiamen Goldenhome
Assuming the 90 days trading horizon APT Medical is expected to generate 1.09 times more return on investment than Xiamen Goldenhome. However, APT Medical is 1.09 times more volatile than Xiamen Goldenhome Co. It trades about 0.09 of its potential returns per unit of risk. Xiamen Goldenhome Co is currently generating about -0.15 per unit of risk. If you would invest 35,762 in APT Medical on October 25, 2024 and sell it today you would earn a total of 1,342 from holding APT Medical or generate 3.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
APT Medical vs. Xiamen Goldenhome Co
Performance |
| Timeline |
| APT Medical |
| Xiamen Goldenhome |
APT Medical and Xiamen Goldenhome Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Xiamen Goldenhome
The main advantage of trading using opposite APT Medical and Xiamen Goldenhome positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Xiamen Goldenhome 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 Xiamen Goldenhome will offset losses from the drop in Xiamen Goldenhome's 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 |
| Xiamen Goldenhome vs. PetroChina Co Ltd | Xiamen Goldenhome vs. Gansu Jiu Steel | Xiamen Goldenhome vs. Ming Yang Smart | Xiamen Goldenhome vs. Aba Chemicals Corp |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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