Correlation Analysis Between T and Best Buy

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

AT&T INC.  vs.  Best Buy Co Inc

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, T is expected to generate 0.78 times more return on investment than Best Buy. However, T is 1.29 times less risky than Best Buy. It trades about -0.02 of its potential returns per unit of risk. Best Buy Co is currently generating about -0.02 per unit of risk. If you would invest  3,259  in T on May 20, 2018 and sell it today you would lose (40.00)  from holding T or give up 1.23% of portfolio value over 30 days.

Pair Corralation between T and Best Buy

-0.11
Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding AT&T INC. and Best Buy Co Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Best Buy Co and T 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 T are associated (or correlated) with Best Buy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Best Buy Co has no effect on the direction of T i.e. T and Best Buy go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
T  
0 

Risk-Adjusted Performance

Over the last 30 days T has generated negative risk-adjusted returns adding no value to investors with long positions.
Best Buy Co  
0 

Risk-Adjusted Performance

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

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1158.9

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See also your portfolio center. Please also try Aroon Oscillator module to analyze current equity momentum using aroon oscillator and other momentum ratios.