Correlation Analysis Between Russell 2000 and ATX

This module allows you to analyze existing cross correlation between Russell 2000 and ATX. You can compare the effects of market volatilities on Russell 2000 and ATX 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 Russell 2000 with a short position of ATX. See also your portfolio center. Please also check ongoing floating volatility patterns of Russell 2000 and ATX.
Horizon     30 Days    Login   to change

Russell 2000   vs.  ATX

 Performance (%) 

Pair Volatility

Given the investment horizon of 30 days, Russell 2000 is expected to under-perform the ATX. In addition to that, Russell 2000 is 1.23 times more volatile than ATX. It trades about -0.12 of its total potential returns per unit of risk. ATX is currently generating about -0.14 per unit of volatility. If you would invest  320,411  in ATX on November 9, 2018 and sell it today you would lose (26,847)  from holding ATX or give up 8.38% of portfolio value over 30 days.

Pair Corralation between Russell 2000 and ATX

Time Period2 Months [change]
ValuesDaily Returns


Russell 2000  diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Russell 2000 and ATX in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ATX and Russell 2000 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 Russell 2000 are associated (or correlated) with ATX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATX has no effect on the direction of Russell 2000 i.e. Russell 2000 and ATX go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 

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