Correlation Analysis Between ATT and Altaba

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

ATT  
1111

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in ATT are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively weak essential indicators, ATT may actually be approaching a critical reversion point that can send shares even higher in November 2019.
Altaba  
00

Risk-Adjusted Performance

Over the last 30 days Altaba has generated negative risk-adjusted returns adding no value to investors with long positions. Despite inconsistent performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in November 2019. The current disturbance may also be a sign of long term up-swing for the company investors.

ATT and Altaba Volatility Contrast

 Predicted Return Density 
      Returns 

ATT Inc  vs.  Altaba Inc

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, ATT is expected to generate 0.13 times more return on investment than Altaba. However, ATT is 7.92 times less risky than Altaba. It trades about 0.17 of its potential returns per unit of risk. Altaba is currently generating about -0.12 per unit of risk. If you would invest  3,326  in ATT on September 15, 2019 and sell it today you would earn a total of  421.00  from holding ATT or generate 12.66% return on investment over 30 days.

Pair Corralation between ATT and Altaba

-0.56
Time Period3 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy98.41%
ValuesDaily Returns

Diversification Opportunities for ATT and Altaba

ATT Inc diversification synergy

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding ATT Inc and Altaba Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Altaba and ATT 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 ATT are associated (or correlated) with Altaba. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Altaba has no effect on the direction of ATT i.e. ATT and Altaba go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.


 
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