Correlation Analysis Between DOW and Workday

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

DOW  vs.  Workday Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, DOW is expected to generate 1.81 times less return on investment than Workday. But when comparing it to its historical volatility, DOW is 3.17 times less risky than Workday. It trades about 0.12 of its potential returns per unit of risk. Workday is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest  12,956  in Workday on June 19, 2018 and sell it today you would earn a total of  322.00  from holding Workday or generate 2.49% return on investment over 30 days.

Pair Corralation between DOW and Workday

0.0
Time Period1 Month [change]
DirectionFlat 
StrengthInsignificant
Accuracy75.86%
ValuesDaily Returns

Diversification

Pay attention

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

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1186.96

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See also your portfolio center. Please also try Price Transformation module to use price transformation models to analyze depth of different equity instruments across global markets.