Correlation Between APT Medical and Everdisplay Optronics
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By analyzing existing cross correlation between APT Medical and Everdisplay Optronics Shanghai, you can compare the effects of market volatilities on APT Medical and Everdisplay Optronics 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 Everdisplay Optronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of APT Medical and Everdisplay Optronics.
Diversification Opportunities for APT Medical and Everdisplay Optronics
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between APT and Everdisplay is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding APT Medical and Everdisplay Optronics Shanghai in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everdisplay Optronics 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 Everdisplay Optronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everdisplay Optronics has no effect on the direction of APT Medical i.e., APT Medical and Everdisplay Optronics go up and down completely randomly.
Pair Corralation between APT Medical and Everdisplay Optronics
Assuming the 90 days trading horizon APT Medical is expected to generate 1.4 times more return on investment than Everdisplay Optronics. However, APT Medical is 1.4 times more volatile than Everdisplay Optronics Shanghai. It trades about 0.07 of its potential returns per unit of risk. Everdisplay Optronics Shanghai 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 | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
APT Medical vs. Everdisplay Optronics Shanghai
Performance |
| Timeline |
| APT Medical |
| Everdisplay Optronics |
APT Medical and Everdisplay Optronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APT Medical and Everdisplay Optronics
The main advantage of trading using opposite APT Medical and Everdisplay Optronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APT Medical position performs unexpectedly, Everdisplay Optronics 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 Everdisplay Optronics will offset losses from the drop in Everdisplay Optronics' 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 |
| Everdisplay Optronics vs. Cultural Investment Holdings | Everdisplay Optronics vs. Gome Telecom Equipment | Everdisplay Optronics vs. Bus Online Co | Everdisplay Optronics vs. Zotye 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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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