Correlation Analysis Between Macys and Alphabet

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

Macys Inc  vs.  Alphabet Inc

 Performance (%) 

Pair Volatility

Taking into account the 30 trading days horizon, Macys is expected to generate 1.19 times more return on investment than Alphabet. However, Macys is 1.19 times more volatile than Alphabet. It trades about -0.01 of its potential returns per unit of risk. Alphabet is currently generating about -0.04 per unit of risk. If you would invest  3,214  in Macys on November 10, 2018 and sell it today you would lose (107.00)  from holding Macys or give up 3.33% of portfolio value over 30 days.

Pair Corralation between Macys and Alphabet

Time Period2 Months [change]
ValuesDaily Returns


Macys Inc diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Macys Inc and Alphabet Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Alphabet 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 Alphabet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alphabet has no effect on the direction of Macys i.e. Macys and Alphabet 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 Alphabet 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.