Correlation Analysis Between Agilent Technologies and Microsoft

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

Agilent Technologies  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Despite somewhat strong basic indicators, Agilent Technologies is not utilizing all of its potentials. The prevalent stock price disturbance, may contribute to short term losses for the investors.
Microsoft  
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Microsoft Corporation are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively unchanging essential indicators, Microsoft is not utilizing all of its potentials. The existing stock price uproar, may contribute to short horizon losses for the leadership.

Agilent Technologies and Microsoft Volatility Contrast

 Predicted Return Density 
      Returns 

Agilent Technologies Inc  vs.  Microsoft Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Agilent Technologies is expected to generate 1.29 times more return on investment than Microsoft. However, Agilent Technologies is 1.29 times more volatile than Microsoft Corporation. It trades about 0.05 of its potential returns per unit of risk. Microsoft Corporation is currently generating about 0.02 per unit of risk. If you would invest  7,316  in Agilent Technologies on August 19, 2019 and sell it today you would earn a total of  324.00  from holding Agilent Technologies or generate 4.43% return on investment over 30 days.

Pair Corralation between Agilent Technologies and Microsoft

0.85
Time Period3 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Agilent Technologies and Microsoft

Agilent Technologies Inc diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies Inc and Microsoft Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Microsoft and Agilent Technologies 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 Agilent Technologies are associated (or correlated) with Microsoft. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Microsoft has no effect on the direction of Agilent Technologies i.e. Agilent Technologies and Microsoft go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.


 
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