Correlation Analysis Between DOW and Agilent Technologies

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

 Predicted Return Density 
      Returns 

DOW  vs.  Agilent Technologies Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, DOW is expected to under-perform the Agilent Technologies. But the index apears to be less risky and, when comparing its historical volatility, DOW is 1.16 times less risky than Agilent Technologies. The index trades about -0.03 of its potential returns per unit of risk. The Agilent Technologies is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  6,261  in Agilent Technologies on December 18, 2018 and sell it today you would earn a total of  723.00  from holding Agilent Technologies or generate 11.55% return on investment over 30 days.

Pair Corralation between DOW and Agilent Technologies

0.5
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for DOW and Agilent Technologies

DOW diversification synergy

Very weak diversification

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