Correlation Analysis Between Twitter and Agilent Technologies

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

Twitter  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Twitter are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively invariable forward-looking signals, Twitter is not utilizing all of its potentials. The current stock price agitation, may contribute to short term losses for the management.
Agilent Technologies  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Despite somewhat conflicting basic indicators, Agilent Technologies may actually be approaching a critical reversion point that can send shares even higher in November 2019.

Twitter and Agilent Technologies Volatility Contrast

 Predicted Return Density 
      Returns 

Twitter Inc  vs.  Agilent Technologies Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Twitter is expected to generate 1.27 times less return on investment than Agilent Technologies. In addition to that, Twitter is 1.3 times more volatile than Agilent Technologies. It trades about 0.04 of its total potential returns per unit of risk. Agilent Technologies is currently generating about 0.07 per unit of volatility. If you would invest  7,055  in Agilent Technologies on September 13, 2019 and sell it today you would earn a total of  475.00  from holding Agilent Technologies or generate 6.73% return on investment over 30 days.

Pair Corralation between Twitter and Agilent Technologies

0.39
Time Period3 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Twitter and Agilent Technologies

Twitter Inc diversification synergy

Weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Twitter Inc and Agilent Technologies Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Agilent Technologies and Twitter 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 Twitter are associated (or correlated) with Agilent Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agilent Technologies has no effect on the direction of Twitter i.e. Twitter and Agilent Technologies go up and down completely randomly.
See also your portfolio center. Please also try Cryptocurrency Arbitrage module to find pairs of digital assets on multiple exchanges that are traded at a risk free arbitrage.


 
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