Benchmark  United States  NYSE  10,865   5.8281  0.0537% 


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Correlation analysis between HCP Inc and VMware

    
  
Summary
Performance
FundamentalsTechnicalsRecomendation
   Valuation
   Backtest
   Forecast
Investment horizon:  
  30 Days    Login   to change
  
This module allows you to analyze existing cross correlation between HCP Inc and VMware Inc. You can compare the effects of market volatilities on HCP Inc and VMware 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 HCP Inc with a short position of VMware. Please also check ongoing floating volatility patterns of HCP Inc and VMware.
 HCP Inc.  vs   VMware Inc.
Daily Returns (%)
HCP   VMW   
Benchmark  Embed   Timeline 
Considering 30-days investment horizon, HCP Inc is expected to under-perform the VMware. But the stock apears to be less risky and, when comparing its historical volatility, HCP Inc is 1.13 times less risky than VMware. The stock trades about -0.2 of its potential returns per unit of risk. The VMware Inc is currently generating about -0.1 of returns per unit of risk over similar time horizon. If you would invest  8,772  in VMware Inc on June 2, 2015 and sell it today you would lose (252.00) from holding VMware Inc or give up 2.87% of portfolio value over 30 days.

Correlation Coefficient

-0.06

Parameters

Time Period1 Month [change]
DirectionNegative HCP Moved Down vs VMW
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

Overlapping area represents amount of risk that can be diversified away by holding HCP Inc. and VMware Inc. in the same portfolio assuming nothing else is changed

Historical Performance Chart

Comparative Volatility

Predicted Return Density  
Benchmark  Embed   Returns 

HCP Inc

  

Risk-adjusted Performance

Over the last 30 days HCP Inc has generated negative risk-adjusted returns adding no value to investors with long positions.

Pair trading matchups for HCP Inc

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VMware Inc

  

Risk-adjusted Performance

Over the last 30 days VMware Inc has generated negative risk-adjusted returns adding no value to investors with long positions.

Pair trading matchups for VMware

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