Correlation Analysis Between Facebook and Equinix

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

Facebook Inc  vs.  Equinix Inc

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Facebook is expected to generate 2.11 times less return on investment than Equinix. In addition to that, Facebook is 1.26 times more volatile than Equinix. It trades about 0.14 of its total potential returns per unit of risk. Equinix is currently generating about 0.38 per unit of volatility. If you would invest  40,169  in Equinix on June 16, 2018 and sell it today you would earn a total of  3,809  from holding Equinix or generate 9.48% return on investment over 30 days.

Pair Corralation between Facebook and Equinix

0.57
Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy95.24%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Facebook  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Facebook are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.
Equinix  
25 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Equinix are ranked lower than 25 (%) 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
$1183.86

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