This module allows you to analyze existing cross correlation between Macys Inc and Apple Inc. 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
Macys Inc vs Apple Inc
Taking into account the 30 trading days horizon, Macys Inc is expected to generate 8.15 times more return on investment than Apple. However, Macys is 8.15 times more volatile than Apple Inc. It trades about 0.02 of its potential returns per unit of risk. Apple Inc is currently generating about 0.15 per unit of risk. If you would invest 2,117 in Macys Inc on September 22, 2017 and sell it today you would lose (98) from holding Macys Inc or give up 4.63% of portfolio value over 30 days.
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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 Inc 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 Inc 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 Inc has no effect on the direction of Macys i.e. Macys and Apple go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in Macys Inc are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.
Compared to the overall equity markets, risk-adjusted returns on investments in Apple Inc are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.