Correlation Analysis Between Apple and CA

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

Apple Inc  vs.  CA

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 5.94 times more return on investment than CA. However, Apple is 5.94 times more volatile than CA. It trades about 0.28 of its potential returns per unit of risk. CA is currently generating about -0.24 per unit of risk. If you would invest  19,091  in Apple on July 16, 2018 and sell it today you would earn a total of  1,796  from holding Apple or generate 9.41% return on investment over 30 days.

Pair Corralation between Apple and CA

-0.64
Time Period1 Month [change]
DirectionNegative 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Excellent diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Apple  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.
CA  
0 

Risk-Adjusted Performance

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

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1237.61

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See also your portfolio center. Please also try Volatility Analysis module to get historical volatility and risk analysis based on latest market data.