Correlation Analysis Between Agilent Technologies and Ford Motor

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

Agilent Technologies  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. Despite somewhat conflicting basic indicators, Agilent Technologies may actually be approaching a critical reversion point that can send shares even higher in November 2019.
Ford Motor  
00

Risk-Adjusted Performance

Over the last 30 days Ford Motor Company has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of sluggish performance in the last few months, the Stock's fundamental drivers remain rather sound which may send shares a bit higher in November 2019. The ongoing tumult may also be a sign of longer-term up-swing for the firm shareholders.

Agilent Technologies and Ford Motor Volatility Contrast

 Predicted Return Density 
      Returns 

Agilent Technologies Inc  vs.  Ford Motor Company

 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 Ford Motor. However, Agilent Technologies is 1.09 times more volatile than Ford Motor Company. It trades about 0.08 of its potential returns per unit of risk. Ford Motor Company is currently generating about -0.16 per unit of risk. If you would invest  6,995  in Agilent Technologies on September 14, 2019 and sell it today you would earn a total of  573.00  from holding Agilent Technologies or generate 8.19% return on investment over 30 days.

Pair Corralation between Agilent Technologies and Ford Motor

-0.27
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy98.46%
ValuesDaily Returns

Diversification Opportunities for Agilent Technologies and Ford Motor

Agilent Technologies Inc diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies Inc and Ford Motor Company in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Ford Motor 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 Ford Motor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ford Motor has no effect on the direction of Agilent Technologies i.e. Agilent Technologies and Ford Motor go up and down completely randomly.
See also your portfolio center. Please also try Fundamentals Matrix module to view fundamentals matrix and analyze how accounts are interrelated and interconnected with each other.


 
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