Correlation Analysis Between Altaba and Twitter

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

Altaba  
00

Risk-Adjusted Performance

Over the last 30 days Altaba has generated negative risk-adjusted returns adding no value to investors with long positions. Despite sluggish performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in November 2019. The current disturbance may also be a sign of long term up-swing for the company investors.
Twitter  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Twitter are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively weak forward-looking signals, Twitter may actually be approaching a critical reversion point that can send shares even higher in November 2019.

Altaba and Twitter Volatility Contrast

 Predicted Return Density 
      Returns 

Altaba Inc  vs.  Twitter Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Altaba is expected to under-perform the Twitter. In addition to that, Altaba is 4.07 times more volatile than Twitter. It trades about -0.12 of its total potential returns per unit of risk. Twitter is currently generating about 0.07 per unit of volatility. If you would invest  3,677  in Twitter on September 17, 2019 and sell it today you would earn a total of  314.00  from holding Twitter or generate 8.54% return on investment over 30 days.

Pair Corralation between Altaba and Twitter

0.27
Time Period3 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy98.41%
ValuesDaily Returns

Diversification Opportunities for Altaba and Twitter

Altaba Inc diversification synergy

Modest diversification

Overlapping area represents the amount of risk that can be diversified away by holding Altaba Inc and Twitter Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Twitter and Altaba 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 Altaba are associated (or correlated) with Twitter. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Twitter has no effect on the direction of Altaba i.e. Altaba and Twitter go up and down completely randomly.
See also your portfolio center. Please also try Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.


 
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