Correlation Analysis Between Alcoa and Apple

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

Alcoa  
00

Risk-Adjusted Performance

Over the last 30 days Alcoa Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Alcoa is not utilizing all of its potentials. The prevalent stock price disturbance, may contribute to short term losses for the investors.
Apple  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Even with considerably inconsistent technical indicators, Apple revealed solid returns over the last few months and may actually be approaching a breakup point.

Alcoa and Apple Volatility Contrast

 Predicted Return Density 
      Returns 

Alcoa Corp.  vs.  Apple Inc

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Alcoa Corporation is expected to under-perform the Apple. In addition to that, Alcoa is 1.84 times more volatile than Apple. It trades about -0.02 of its total potential returns per unit of risk. Apple is currently generating about 0.13 per unit of volatility. If you would invest  20,643  in Apple on September 18, 2019 and sell it today you would earn a total of  2,998  from holding Apple or generate 14.52% return on investment over 30 days.

Pair Corralation between Alcoa and Apple

0.08
Time Period3 Months [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Alcoa and Apple

Alcoa Corp. diversification synergy

Significant diversification

Overlapping area represents the amount of risk that can be diversified away by holding Alcoa Corp. and Apple Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Apple and Alcoa 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 Alcoa Corporation are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple has no effect on the direction of Alcoa i.e. Alcoa and Apple go up and down completely randomly.
See also your portfolio center. Please also try Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.


 
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