Correlation Analysis Between Apple and Hamilton Beach

Analyzing existing cross correlation between Apple and Hamilton Beach Brands Holding C. You can compare the effects of market volatilities on Apple and Hamilton Beach 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 Hamilton Beach. See also your portfolio center. Please also check ongoing floating volatility patterns of Apple and Hamilton Beach.
Horizon     30 Days    Login   to change
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Comparative Performance

Apple  
2323

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 23 (%) 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.
Hamilton Beach Brands  
00

Risk-Adjusted Performance

Over the last 30 days Hamilton Beach Brands Holding C has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest sluggish performance, the Stock's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.

Apple and Hamilton Beach Volatility Contrast

 Predicted Return Density 
    
  Returns 

Apple  vs.  Hamilton Beach Brands Holding

 Performance (%) 
    
  Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 0.61 times more return on investment than Hamilton Beach. However, Apple is 1.65 times less risky than Hamilton Beach. It trades about 0.34 of its potential returns per unit of risk. Hamilton Beach Brands Holding C is currently generating about -0.1 per unit of risk. If you would invest  24,329  in Apple on December 28, 2019 and sell it today you would earn a total of  6,566  from holding Apple or generate 26.99% return on investment over 30 days.

Pair Corralation between Apple and Hamilton Beach

-0.67
Time Period3 Months [change]
DirectionNegative 
StrengthWeak
Accuracy98.44%
ValuesDaily Returns

Diversification Opportunities for Apple and Hamilton Beach

Apple diversification synergy

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding Apple and Hamilton Beach Brands Holding in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Hamilton Beach Brands 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 Hamilton Beach. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hamilton Beach Brands has no effect on the direction of Apple i.e. Apple and Hamilton Beach go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.