Correlation Analysis Between Mohawk Group and Apple

Analyzing existing cross correlation between Mohawk Group Holdings and Apple. You can compare the effects of market volatilities on Mohawk Group 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 Mohawk Group with a short position of Apple. See also your portfolio center. Please also check ongoing floating volatility patterns of Mohawk Group and Apple.
Horizon     30 Days    Login   to change
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Comparative Performance

Mohawk Group Holdings  
00

Risk-Adjusted Performance

Over the last 30 days Mohawk Group Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. Regardless of fairly sluggish technical and fundamental indicators, Mohawk Group may actually be approaching a critical reversion point that can send shares even higher in February 2020.
Apple  
2828

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 28 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, Apple revealed solid returns over the last few months and may actually be approaching a breakup point.

Mohawk Group and Apple Volatility Contrast

 Predicted Return Density 
    
  Returns 

Mohawk Group Holdings  vs.  Apple

 Performance (%) 
    
  Timeline 

Pair Volatility

Considering 30-days investment horizon, Mohawk Group is expected to generate 3.85 times less return on investment than Apple. In addition to that, Mohawk Group is 7.62 times more volatile than Apple. It trades about 0.01 of its total potential returns per unit of risk. Apple is currently generating about 0.42 per unit of volatility. If you would invest  24,051  in Apple on December 20, 2019 and sell it today you would earn a total of  7,822  from holding Apple or generate 32.52% return on investment over 30 days.

Pair Corralation between Mohawk Group and Apple

-0.2
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy77.78%
ValuesDaily Returns

Diversification Opportunities for Mohawk Group and Apple

Mohawk Group Holdings diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Mohawk Group Holdings and Apple in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Apple and Mohawk Group 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 Mohawk Group Holdings 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 Mohawk Group i.e. Mohawk Group and Apple go up and down completely randomly.
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