Pair Correlation 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
Symbolsvs

Apple Inc  vs.  S&P 500

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to under-perform the SP 500. In addition to that, Apple is 1.17 times more volatile than S&P 500. It trades about -0.04 of its total potential returns per unit of risk. S&P 500 is currently generating about -0.02 per unit of volatility. If you would invest  271,626  in S&P 500 on March 22, 2018 and sell it today you would lose (4,612)  from holding S&P 500 or give up 1.7% of portfolio value over 30 days.

Pair Corralation between Apple and SP 500

-0.03
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy86.0%
ValuesDaily Returns

Diversification

Good 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.
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Comparative Volatility

 Predicted Return Density 
      Returns 

My Equities

My Current Equities and Potential Positions
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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1072.96

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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.