Correlation Analysis Between Apple and International Business

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

Apple  
1919

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.
International Business  
00

Risk-Adjusted Performance

Over the last 30 days International Business Machines has generated negative risk-adjusted returns adding no value to investors with long positions. Even with considerably steady technical indicators, International Business is not utilizing all of its potentials. The ongoing stock price chaos, may contribute to medium term losses for the stakeholders.

Apple and International Business Volatility Contrast

 Predicted Return Density 
      Returns 

Apple  vs.  International Business Machine

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 1.1 times more return on investment than International Business. However, Apple is 1.1 times more volatile than International Business Machines. It trades about 0.28 of its potential returns per unit of risk. International Business Machines is currently generating about -0.08 per unit of risk. If you would invest  21,875  in Apple on November 12, 2019 and sell it today you would earn a total of  5,271  from holding Apple or generate 24.1% return on investment over 30 days.

Pair Corralation between Apple and International Business

-0.84
Time Period3 Months [change]
DirectionNegative 
StrengthSignificant
Accuracy98.46%
ValuesDaily Returns

Diversification Opportunities for Apple and International Business

Apple diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Apple and International Business Machine in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on International Business 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 International Business. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of International Business has no effect on the direction of Apple i.e. Apple and International Business go up and down completely randomly.
See also your portfolio center. Please also try Money Managers module to screen money managers from public funds and etfs managed around the world.


 
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