Correlation Analysis Between Apple and Sprint

This module allows you to analyze existing cross correlation between Apple and Sprint Corporation. You can compare the effects of market volatilities on Apple and Sprint 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 Sprint. See also your portfolio center. Please also check ongoing floating volatility patterns of Apple and Sprint.
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.
Sprint  
00

Risk-Adjusted Performance

Over the last 30 days Sprint Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of fragile performance in the last few months, the Stock's forward-looking signals remain relatively invariable which may send shares a bit higher in January 2020. The latest agitation may also be a sign of long running up-swing for the enterprise management.

Apple and Sprint Volatility Contrast

 Predicted Return Density 
      Returns 

Apple  vs.  Sprint Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 0.77 times more return on investment than Sprint. However, Apple is 1.29 times less risky than Sprint. It trades about 0.29 of its potential returns per unit of risk. Sprint Corporation is currently generating about -0.2 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 Sprint

-0.76
Time Period3 Months [change]
DirectionNegative 
StrengthWeak
Accuracy98.46%
ValuesDaily Returns

Diversification Opportunities for Apple and Sprint

Apple diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Apple and Sprint Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Sprint 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 Sprint. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sprint has no effect on the direction of Apple i.e. Apple and Sprint go up and down completely randomly.
See also your portfolio center. Please also try Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.


 
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