Correlation Analysis Between Alcoa and Visa

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

Alcoa Corp.  vs.  Visa Inc

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Alcoa is expected to generate 2.97 times less return on investment than Visa. In addition to that, Alcoa is 1.86 times more volatile than Visa. It trades about 0.03 of its total potential returns per unit of risk. Visa is currently generating about 0.15 per unit of volatility. If you would invest  14,540  in Visa on August 25, 2018 and sell it today you would earn a total of  465.00  from holding Visa or generate 3.2% return on investment over 30 days.

Pair Corralation between Alcoa and Visa

-0.65
Time Period1 Month [change]
DirectionNegative 
StrengthWeak
Accuracy86.96%
ValuesDaily Returns

Diversification

Excellent diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Alcoa  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Alcoa Corporation are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.
Visa  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Visa are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions

View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1166.09

Thematic Opportunities

Explore Investment Opportunities

Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Coins and Tokens Correlation module to utilize digital token correlation table to build portfolio of cryptocurrencies across multiple exchanges.


 
Search macroaxis.com