Correlation Analysis Between ATT and Apple

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

Comparative Performance

ATT  
0

Risk-Adjusted Performance

Over the last 30 days ATT has generated negative risk-adjusted returns adding no value to investors with long positions.
Apple  
0

Risk-Adjusted Performance

Over the last 30 days Apple has generated negative risk-adjusted returns adding no value to investors with long positions.

ATT and Apple Volatility Contrast

 Predicted Return Density 
      Returns 

ATT  vs.  Apple Inc

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, ATT is expected to generate 0.76 times more return on investment than Apple. However, ATT is 1.32 times less risky than Apple. It trades about -0.09 of its potential returns per unit of risk. Apple is currently generating about -0.24 per unit of risk. If you would invest  3,225  in ATT on November 13, 2018 and sell it today you would lose (234.00)  from holding ATT or give up 7.26% of portfolio value over 30 days.

Pair Corralation between ATT and Apple

0.57
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for ATT and Apple

ATT diversification synergy

Very weak diversification

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

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See also your portfolio center. Please also try Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.


 
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