Correlation Analysis Between Agilent Technologies and Salesforce

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

Agilent Technologies  
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Despite somewhat fragile basic indicators, Agilent Technologies may actually be approaching a critical reversion point that can send shares even higher in November 2019.
Salesforce Com  
00

Risk-Adjusted Performance

Over the last 30 days Salesforce Com has generated negative risk-adjusted returns adding no value to investors with long positions. Even with latest weak performance, the Stock's technical indicators remain steady and the new chaos on Wall Street may also be a sign of medium term gains for the business stakeholders.

Agilent Technologies and Salesforce Volatility Contrast

 Predicted Return Density 
      Returns 

Agilent Technologies Inc  vs.  Salesforce Com Inc

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Agilent Technologies is expected to generate 1.09 times more return on investment than Salesforce. However, Agilent Technologies is 1.09 times more volatile than Salesforce Com. It trades about 0.09 of its potential returns per unit of risk. Salesforce Com is currently generating about -0.07 per unit of risk. If you would invest  6,870  in Agilent Technologies on September 17, 2019 and sell it today you would earn a total of  666.00  from holding Agilent Technologies or generate 9.69% return on investment over 30 days.

Pair Corralation between Agilent Technologies and Salesforce

0.2
Time Period3 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Agilent Technologies and Salesforce

Agilent Technologies Inc diversification synergy

Modest diversification

Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies Inc and Salesforce Com Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Salesforce Com and Agilent Technologies 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 Agilent Technologies are associated (or correlated) with Salesforce. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Salesforce Com has no effect on the direction of Agilent Technologies i.e. Agilent Technologies and Salesforce go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.


 
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