Correlation Analysis Between Sprint and Apple

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

Comparative Performance


Risk-Adjusted Performance

Over the last 30 days Sprint Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of fragile performance in the last few months, the Stock's forward-looking signals remain relatively invariable which may send shares a bit higher in January 2020. The latest agitation may also be a sign of long running up-swing for the enterprise management.

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 19 (%) 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.

Sprint and Apple Volatility Contrast

 Predicted Return Density 

Sprint Corp.  vs.  Apple

 Performance (%) 

Pair Volatility

Taking into account the 30 trading days horizon, Sprint Corporation is expected to under-perform the Apple. In addition to that, Sprint is 1.29 times more volatile than Apple. It trades about -0.2 of its total potential returns per unit of risk. Apple is currently generating about 0.29 per unit of volatility. If you would invest  21,417  in Apple on November 7, 2019 and sell it today you would earn a total of  5,654  from holding Apple or generate 26.4% return on investment over 30 days.

Pair Corralation between Sprint and Apple

Time Period3 Months [change]
ValuesDaily Returns

Diversification Opportunities for Sprint and Apple

Sprint Corp. diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Sprint Corp. and Apple in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Apple and Sprint 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 Sprint Corporation 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 Sprint i.e. Sprint and Apple go up and down completely randomly.
See also your portfolio center. Please also try Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.