Correlation Analysis Between Astrazeneca PLC and Merck

This module allows you to analyze existing cross correlation between Astrazeneca PLC and Merck Company. You can compare the effects of market volatilities on Astrazeneca PLC and Merck 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 Astrazeneca PLC with a short position of Merck. See also your portfolio center. Please also check ongoing floating volatility patterns of Astrazeneca PLC and Merck.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

Comparative Performance

Astrazeneca PLC  
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Astrazeneca PLC are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Allthough quite weak forward indicators, Astrazeneca PLC may actually be approaching a critical reversion point that can send shares even higher in December 2019.
Merck  
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Merck Company are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. Regardless of fairly consistent technical and fundamental indicators, Merck is not utilizing all of its potentials. The ongoing stock price confusion, may contribute to short-horizon losses for the traders.

Astrazeneca PLC and Merck Volatility Contrast

 Predicted Return Density 
      Returns 

Astrazeneca PLC  vs.  Merck Company Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Astrazeneca PLC is expected to generate 1.0 times more return on investment than Merck. However, Astrazeneca PLC is 1.0 times less risky than Merck. It trades about 0.1 of its potential returns per unit of risk. Merck Company is currently generating about 0.03 per unit of risk. If you would invest  4,418  in Astrazeneca PLC on October 14, 2019 and sell it today you would earn a total of  368.00  from holding Astrazeneca PLC or generate 8.33% return on investment over 30 days.

Pair Corralation between Astrazeneca PLC and Merck

0.21
Time Period3 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Astrazeneca PLC and Merck

Astrazeneca PLC diversification synergy

Modest diversification

Overlapping area represents the amount of risk that can be diversified away by holding Astrazeneca PLC and Merck Company Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Merck and Astrazeneca PLC 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 Astrazeneca PLC are associated (or correlated) with Merck. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Merck has no effect on the direction of Astrazeneca PLC i.e. Astrazeneca PLC and Merck go up and down completely randomly.
See also your portfolio center. Please also try Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.


 
Search macroaxis.com