Correlation Analysis Between Salesforce and Agilent Technologies

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

Salesforce Com  
00

Risk-Adjusted Performance

Over the last 30 days Salesforce Com has generated negative risk-adjusted returns adding no value to investors with long positions. Even with considerably steady technical indicators, Salesforce is not utilizing all of its potentials. The current stock price chaos, may contribute to medium term losses for the stakeholders.
Agilent Technologies  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Despite somewhat conflicting basic indicators, Agilent Technologies may actually be approaching a critical reversion point that can send shares even higher in November 2019.

Salesforce and Agilent Technologies Volatility Contrast

 Predicted Return Density 
      Returns 

Salesforce Com Inc  vs.  Agilent Technologies Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Salesforce Com is expected to under-perform the Agilent Technologies. But the stock apears to be less risky and, when comparing its historical volatility, Salesforce Com is 1.17 times less risky than Agilent Technologies. The stock trades about -0.06 of its potential returns per unit of risk. The Agilent Technologies is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest  7,055  in Agilent Technologies on September 13, 2019 and sell it today you would earn a total of  475.00  from holding Agilent Technologies or generate 6.73% return on investment over 30 days.

Pair Corralation between Salesforce and Agilent Technologies

0.17
Time Period3 Months [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Salesforce and Agilent Technologies

Salesforce Com Inc diversification synergy

Average diversification

Overlapping area represents the amount of risk that can be diversified away by holding Salesforce Com Inc and Agilent Technologies Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Agilent Technologies and Salesforce 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 Salesforce Com are associated (or correlated) with Agilent Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agilent Technologies has no effect on the direction of Salesforce i.e. Salesforce and Agilent Technologies go up and down completely randomly.
See also your portfolio center. Please also try Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..


 
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