Correlation Analysis Between Agilent Technologies and Twitter

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

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 fragile basic indicators, Agilent Technologies may actually be approaching a critical reversion point that can send shares even higher in October 2019.
Twitter  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Twitter are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively weak forward-looking signals, Twitter reported solid returns over the last few months and may actually be approaching a breakup point.

Agilent Technologies and Twitter Volatility Contrast

 Predicted Return Density 
      Returns 

Agilent Technologies Inc  vs.  Twitter Inc

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Agilent Technologies is expected to generate 2.5 times less return on investment than Twitter. But when comparing it to its historical volatility, Agilent Technologies is 1.34 times less risky than Twitter. It trades about 0.07 of its potential returns per unit of risk. Twitter is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  3,629  in Twitter on August 18, 2019 and sell it today you would earn a total of  647.00  from holding Twitter or generate 17.83% return on investment over 30 days.

Pair Corralation between Agilent Technologies and Twitter

0.82
Time Period3 Months [change]
DirectionPositive 
StrengthStrong
Accuracy98.41%
ValuesDaily Returns

Diversification Opportunities for Agilent Technologies and Twitter

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 Twitter Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Twitter 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 Twitter. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Twitter has no effect on the direction of Agilent Technologies i.e. Agilent Technologies and Twitter go up and down completely randomly.
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