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
Symbolsvs

Macys Inc  vs.  Apple Inc

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Macys is expected to under-perform the Apple. In addition to that, Macys is 1.02 times more volatile than Apple. It trades about -0.16 of its total potential returns per unit of risk. Apple is currently generating about 0.03 per unit of volatility. If you would invest  21,549  in Apple on August 23, 2018 and sell it today you would earn a total of  217.00  from holding Apple or generate 1.01% return on investment over 30 days.

Pair Corralation between Macys and Apple

0.06
Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Significant 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 
      Returns 
Macys  
0 

Risk-Adjusted Performance

Over the last 30 days Macys has generated negative risk-adjusted returns adding no value to investors with long positions.
Apple  
2 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions

View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1166.09

Thematic Opportunities

Explore Investment Opportunities

Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.


 
Search macroaxis.com