Correlation Analysis Between Intel and Micron Technology

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

Comparative Performance

Intel  
5

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Intel Corporation are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.
Micron Technology  
0

Risk-Adjusted Performance

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

Intel and Micron Technology Volatility Contrast

 Predicted Return Density 
      Returns 

Intel Corp.  vs.  Micron Technology Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Intel Corporation is expected to generate 0.69 times more return on investment than Micron Technology. However, Intel Corporation is 1.44 times less risky than Micron Technology. It trades about 0.08 of its potential returns per unit of risk. Micron Technology is currently generating about -0.11 per unit of risk. If you would invest  4,497  in Intel Corporation on November 17, 2018 and sell it today you would earn a total of  329.50  from holding Intel Corporation or generate 7.33% return on investment over 30 days.

Pair Corralation between Intel and Micron Technology

-0.11
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Intel and Micron Technology

Intel Corp. diversification synergy

Good diversification

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

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See also your portfolio center. Please also try Cryptocurrency Arbitrage module to find pairs of digital assets on multiple exchanges that are traded at a risk free arbitrage.


 
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