Correlation Analysis Between ATX and NQTH

This module allows you to analyze existing cross correlation between ATX and NQTH. You can compare the effects of market volatilities on ATX and NQTH 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 ATX with a short position of NQTH. See also your portfolio center. Please also check ongoing floating volatility patterns of ATX and NQTH.
 Time Horizon     30 Days    Login   to change
Symbolsvs

ATX  vs.  NQTH

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, ATX is expected to generate 4.75 times less return on investment than NQTH. But when comparing it to its historical volatility, ATX is 1.4 times less risky than NQTH. It trades about 0.04 of its potential returns per unit of risk. NQTH is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  107,128  in NQTH on June 23, 2018 and sell it today you would earn a total of  2,591  from holding NQTH or generate 2.42% return on investment over 30 days.

Pair Corralation between ATX and NQTH

-0.41
Time Period1 Month [change]
DirectionNegative 
StrengthVery Weak
Accuracy72.41%
ValuesDaily Returns

Diversification

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding ATX and NQTH in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NQTH and ATX 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 ATX are associated (or correlated) with NQTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NQTH has no effect on the direction of ATX i.e. ATX and NQTH go up and down completely randomly.
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Comparative Volatility

 Predicted Return Density 
      Returns 

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Alphabet
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ExchangeNASDAQ
$1184.91

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