Correlation Analysis Between Best Buy and Apple

This module allows you to analyze existing cross correlation between Best Buy Co and Apple. You can compare the effects of market volatilities on Best Buy and Apple 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 Best Buy with a short position of Apple. See also your portfolio center. Please also check ongoing floating volatility patterns of Best Buy and Apple.
Horizon     30 Days    Login   to change
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Comparative Performance

Best Buy  
99

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Best Buy Co are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days. Inspite fairly weak basic indicators, Best Buy showed solid returns over the last few months and may actually be approaching a breakup point.
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.

Best Buy and Apple Volatility Contrast

 Predicted Return Density 
      Returns 

Best Buy Co Inc  vs.  Apple

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Best Buy is expected to generate 1.3 times less return on investment than Apple. In addition to that, Best Buy is 1.54 times more volatile than Apple. It trades about 0.15 of its total potential returns per unit of risk. Apple is currently generating about 0.29 per unit of volatility. 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 Best Buy and Apple

0.91
Time Period3 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy98.46%
ValuesDaily Returns

Diversification Opportunities for Best Buy and Apple

Best Buy Co Inc diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Best Buy Co Inc and Apple in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Apple and Best Buy 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 Best Buy Co are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple has no effect on the direction of Best Buy i.e. Best Buy and Apple go up and down completely randomly.
See also your portfolio center. Please also try Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of macroaxis ideas.


 
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