Correlation Analysis Between Macys and Apple

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

Macys Inc  vs.  Apple Inc

 Performance (%) 

Pair Volatility

Taking into account the 30 trading days horizon, Macys is expected to generate 1.13 times more return on investment than Apple. However, Macys is 1.13 times more volatile than Apple. It trades about -0.02 of its potential returns per unit of risk. Apple is currently generating about -0.24 per unit of risk. If you would invest  3,339  in Macys on November 12, 2018 and sell it today you would lose (130.00)  from holding Macys or give up 3.89% of portfolio value over 30 days.

Pair Corralation between Macys and Apple

Time Period2 Months [change]
ValuesDaily Returns


Macys Inc diversification synergy

Average diversification

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

Comparative Volatility

 Predicted Return Density 

Risk-Adjusted Performance

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

Risk-Adjusted Performance

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

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See also your portfolio center. Please also try Balance Of Power module to check stock momentum by analyzing balance of power indicator and other technical ratios.