Correlation Analysis Between Apple and SP 500 |
This module allows you to analyze existing cross correlation between Apple and S&P 500. You can compare the effects of market volatilities on Apple and SP 500 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 Apple with a short position of SP 500. See also your portfolio center. Please also check ongoing floating volatility patterns of Apple and SP 500.
| Time Horizon | 30 Days Login to change |
| Symbols | vs |
Apple Inc vs. S&P 500
Pair Volatility
Given the investment horizon of 30 days, Apple is expected to under-perform the SP 500. In addition to that, Apple is 1.61 times more volatile than S&P 500. It trades about -0.11 of its total potential returns per unit of risk. S&P 500 is currently generating about 0.07 per unit of volatility. If you would invest 272,776 in S&P 500 on May 24, 2018 and sell it today you would earn a total of 2,712 from holding S&P 500 or generate 0.99% return on investment over 30 days.
Pair Corralation between Apple and SP 500
0.23
| Time Period | 1 Month [change] |
| Direction | Positive |
| Strength | Very Weak |
| Accuracy | 70.0% |
| Values | Daily Returns |
Diversification
Modest diversification
Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and S&P 500 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SP 500 and Apple 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 Apple are associated (or correlated) with SP 500. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SP 500 has no effect on the direction of Apple i.e. Apple and SP 500 go up and down completely randomly.
Comparative Volatility
Apple
Pair trading matchups for Apple
S&P 500
Pair trading matchups for SP 500
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See also your portfolio center. Please also try Insider Screener module to find insiders across different sectors to evaluate their impact on performance.