Correlation Between APT Medical and Beijing Roborock
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By analyzing existing cross correlation between APT Medical and Beijing Roborock Technology, you can compare the effects of market volatilities on APT Medical and Beijing Roborock 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 Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Beijing Roborock.
Diversification Opportunities for APT Medical and Beijing Roborock
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between APT and Beijing is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec 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 Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of APT Medical i.e., APT Medical and Beijing Roborock go up and down completely randomly.
Pair Corralation between APT Medical and Beijing Roborock
Assuming the 90 days trading horizon APT Medical is expected to generate 0.69 times more return on investment than Beijing Roborock. However, APT Medical is 1.45 times less risky than Beijing Roborock. It trades about 0.07 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about 0.0 per unit of risk. If you would invest 25,807 in APT Medical on September 2, 2024 and sell it today you would earn a total of 10,455 from holding APT Medical or generate 40.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
APT Medical vs. Beijing Roborock Technology
Performance |
| Timeline |
| APT Medical |
| Beijing Roborock Tec |
APT Medical and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Beijing Roborock
The main advantage of trading using opposite APT Medical and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| APT Medical vs. Nanjing Putian Telecommunications | APT Medical vs. Shenzhen Hifuture Electric | APT Medical vs. Tianjin Realty Development | APT Medical vs. Shenyang Huitian Thermal |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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