Correlation Analysis Between Apple and ATT

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

Comparative Performance

Apple  
0

Risk-Adjusted Performance

Over the last 30 days Apple has generated negative risk-adjusted returns adding no value to investors with long positions.
ATT  
0

Risk-Adjusted Performance

Over the last 30 days ATT has generated negative risk-adjusted returns adding no value to investors with long positions.

Apple and ATT Volatility Contrast

 Predicted Return Density 
      Returns 

Apple Inc  vs.  ATT

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to under-perform the ATT. In addition to that, Apple is 1.31 times more volatile than ATT. It trades about -0.28 of its total potential returns per unit of risk. ATT is currently generating about -0.12 per unit of volatility. If you would invest  3,287  in ATT on November 18, 2018 and sell it today you would lose (301.00)  from holding ATT or give up 9.16% of portfolio value over 30 days.

Pair Corralation between Apple and ATT

0.56
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Apple and ATT

Apple Inc diversification synergy

Very weak diversification

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

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