Correlation Analysis Between DOW and Macys

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

DOW  vs.  Macys Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, DOW is expected to under-perform the Macys. But the index apears to be less risky and, when comparing its historical volatility, DOW is 2.16 times less risky than Macys. The index trades about -0.04 of its potential returns per unit of risk. The Macys is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest  3,214  in Macys on November 10, 2018 and sell it today you would lose (45.00)  from holding Macys or give up 1.4% of portfolio value over 30 days.

Pair Corralation between DOW and Macys

0.43
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

DOW diversification synergy

Very weak diversification

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

 Predicted Return Density 
      Returns 

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1036.58

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