Correlation Analysis Between DOW and Alcoa

This module allows you to analyze existing cross correlation between DOW and Alcoa Corporation. You can compare the effects of market volatilities on DOW and Alcoa 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 Alcoa. See also your portfolio center. Please also check ongoing floating volatility patterns of DOW and Alcoa.
Horizon     30 Days    Login   to change
Symbolsvs

DOW  vs.  Alcoa Corp.

 Performance (%) 
      Timeline 

Pair Volatility

If you would invest  2,573,360  in DOW on August 22, 2018 and sell it today you would earn a total of  67,216  from holding DOW or generate 2.61% return on investment over 30 days.

Pair Corralation between DOW and Alcoa

0.0
Time Period1 Month [change]
DirectionFlat 
StrengthInsignificant
Accuracy4.76%
ValuesDaily Returns

Diversification

Pay attention

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

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See also your portfolio center. Please also try Pair Correlation module to compare performance and examine historical correlation between any two equity instruments.


 
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