Correlation Analysis Between Apple and Chevron

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

Comparative Performance


Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, Apple revealed solid returns over the last few months and may actually be approaching a breakup point.

Risk-Adjusted Performance

Over the last 30 days Chevron Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite fairly strong basic indicators, Chevron is not utilizing all of its potentials. The ongoing stock price disturbance, may contribute to short term losses for the investors.

Apple and Chevron Volatility Contrast

 Predicted Return Density 

Apple  vs.  Chevron Corp.

 Performance (%) 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 0.95 times more return on investment than Chevron. However, Apple is 1.05 times less risky than Chevron. It trades about 0.29 of its potential returns per unit of risk. Chevron Corporation is currently generating about -0.01 per unit of risk. If you would invest  21,417  in Apple on November 7, 2019 and sell it today you would earn a total of  5,654  from holding Apple or generate 26.4% return on investment over 30 days.

Pair Corralation between Apple and Chevron

Time Period3 Months [change]
ValuesDaily Returns

Diversification Opportunities for Apple and Chevron

Apple diversification synergy

Good diversification

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