Correlation Analysis Between ATX and Nasdaq

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

 Predicted Return Density 
      Returns 

ATX  vs.  Nasdaq

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, ATX is expected to generate 1.68 times less return on investment than Nasdaq. In addition to that, ATX is 1.08 times more volatile than Nasdaq. It trades about 0.14 of its total potential returns per unit of risk. Nasdaq is currently generating about 0.25 per unit of volatility. If you would invest  633,300  in Nasdaq on January 20, 2019 and sell it today you would earn a total of  114,462  from holding Nasdaq or generate 18.07% return on investment over 30 days.

Pair Corralation between ATX and Nasdaq

-0.35
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy94.74%
ValuesDaily Returns

Diversification Opportunities for ATX and Nasdaq

ATX diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding ATX and Nasdaq in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Nasdaq and ATX 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 ATX are associated (or correlated) with Nasdaq. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nasdaq has no effect on the direction of ATX i.e. ATX and Nasdaq go up and down completely randomly.
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See also your portfolio center. Please also try Fundamentals Matrix module to view fundamentals matrix and analyze how accounts are interrelated and interconnected with each other.


 
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