Correlation Analysis Between Alcoa and Macys

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

Comparative Performance


Risk-Adjusted Performance

Over the last 30 days Alcoa Corporation has generated negative risk-adjusted returns adding no value to investors with long positions.

Risk-Adjusted Performance

Over the last 30 days Macys has generated negative risk-adjusted returns adding no value to investors with long positions.

Alcoa and Macys Volatility Contrast

 Predicted Return Density 

Alcoa Corp.  vs.  Macys Inc

 Performance (%) 

Pair Volatility

Allowing for the 30-days total investment horizon, Alcoa Corporation is expected to generate 1.0 times more return on investment than Macys. However, Alcoa Corporation is 1.0 times less risky than Macys. It trades about -0.07 of its potential returns per unit of risk. Macys is currently generating about -0.13 per unit of risk. If you would invest  3,231  in Alcoa Corporation on December 23, 2018 and sell it today you would lose (408.70)  from holding Alcoa Corporation or give up 12.65% of portfolio value over 30 days.

Pair Corralation between Alcoa and Macys

Time Period2 Months [change]
ValuesDaily Returns

Diversification Opportunities for Alcoa and Macys

Alcoa Corp. diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Alcoa Corp. and Macys Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Macys and Alcoa 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 Alcoa Corporation 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 Alcoa i.e. Alcoa and Macys go up and down completely randomly.

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See also your portfolio center. Please also try CEO Directory module to screen ceos from public companies around the world.