Correlation Between APT Medical and A Zenith
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By analyzing existing cross correlation between APT Medical and A Zenith Home Furnishings, you can compare the effects of market volatilities on APT Medical and A Zenith 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 A Zenith. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and A Zenith.
Diversification Opportunities for APT Medical and A Zenith
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between APT and 603389 is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and A Zenith Home Furnishings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on A Zenith Home 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 A Zenith. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of A Zenith Home has no effect on the direction of APT Medical i.e., APT Medical and A Zenith go up and down completely randomly.
Pair Corralation between APT Medical and A Zenith
Assuming the 90 days trading horizon APT Medical is expected to generate 0.66 times more return on investment than A Zenith. However, APT Medical is 1.51 times less risky than A Zenith. It trades about 0.09 of its potential returns per unit of risk. A Zenith Home Furnishings is currently generating about -0.41 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. A Zenith Home Furnishings
Performance |
| Timeline |
| APT Medical |
| A Zenith Home |
APT Medical and A Zenith Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and A Zenith
The main advantage of trading using opposite APT Medical and A Zenith positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, A Zenith 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 A Zenith will offset losses from the drop in A Zenith'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 |
| A Zenith vs. PetroChina Co Ltd | A Zenith vs. Gansu Jiu Steel | A Zenith vs. Ming Yang Smart | A Zenith 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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