Correlation Analysis Between DigitalTown and S A P

This module allows you to analyze existing cross correlation between DigitalTown and SAP SE. You can compare the effects of market volatilities on DigitalTown and S A P 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 DigitalTown with a short position of S A P. See also your portfolio center. Please also check ongoing floating volatility patterns of DigitalTown and S A P.
Horizon     30 Days    Login   to change
Symbolsvs

DigitalTown Inc  vs.  SAP SE

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, DigitalTown is expected to under-perform the S A P. In addition to that, DigitalTown is 9.47 times more volatile than SAP SE. It trades about -0.02 of its total potential returns per unit of risk. SAP SE is currently generating about 0.09 per unit of volatility. If you would invest  11,929  in SAP SE on August 24, 2018 and sell it today you would earn a total of  235.00  from holding SAP SE or generate 1.97% return on investment over 30 days.

Pair Corralation between DigitalTown and S A P

-0.07
Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy95.45%
ValuesDaily Returns

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
DigitalTown  
0 

Risk-Adjusted Performance

Over the last 30 days DigitalTown has generated negative risk-adjusted returns adding no value to investors with long positions.
SAP SE  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in SAP SE are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1171.09

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