Correlation Analysis Between Apple and Gartner

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

Apple Inc  vs.  Gartner Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 1.15 times less return on investment than Gartner. In addition to that, Apple is 1.04 times more volatile than Gartner. It trades about 0.06 of its total potential returns per unit of risk. Gartner is currently generating about 0.08 per unit of volatility. If you would invest  13,794  in Gartner on June 15, 2018 and sell it today you would earn a total of  202.00  from holding Gartner or generate 1.46% return on investment over 30 days.

Pair Corralation between Apple and Gartner

0.82
Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy95.45%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Apple  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.
Gartner  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gartner are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1188.82

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