Correlation Between AP Public and Unique Mining
Can any of the company-specific risk be diversified away by investing in both AP Public and Unique Mining at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining AP Public and Unique Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AP Public and Unique Mining Services, you can compare the effects of market volatilities on AP Public and Unique Mining 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 AP Public with a short position of Unique Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of AP Public and Unique Mining.
Diversification Opportunities for AP Public and Unique Mining
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between AP Public and Unique is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding AP Public and Unique Mining Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unique Mining Services and AP Public 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 AP Public are associated (or correlated) with Unique Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unique Mining Services has no effect on the direction of AP Public i.e., AP Public and Unique Mining go up and down completely randomly.
Pair Corralation between AP Public and Unique Mining
Assuming the 90 days horizon AP Public is expected to generate 0.43 times more return on investment than Unique Mining. However, AP Public is 2.34 times less risky than Unique Mining. It trades about 0.0 of its potential returns per unit of risk. Unique Mining Services is currently generating about -0.04 per unit of risk. If you would invest 729.00 in AP Public on April 25, 2025 and sell it today you would lose (9.00) from holding AP Public or give up 1.23% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
AP Public vs. Unique Mining Services
Performance |
Timeline |
AP Public |
Unique Mining Services |
AP Public and Unique Mining Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with AP Public and Unique Mining
The main advantage of trading using opposite AP Public and Unique Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AP Public position performs unexpectedly, Unique Mining 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 Unique Mining will offset losses from the drop in Unique Mining's long position.AP Public vs. Land and Houses | AP Public vs. Quality Houses Public | AP Public vs. Bangkok Bank PCL | AP Public vs. Siri Prime Office |
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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