This module allows you to analyze existing cross correlation between Alcoa Corporation and Apple Inc. 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
Alcoa Corp. vs Apple Inc
If you would invest 17,185 in Apple Inc on February 18, 2018 and sell it today you would earn a total of 402.00 from holding Apple Inc or generate 2.34% return on investment over 30 days.
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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 Inc 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 Inc has no effect on the direction of Alcoa i.e. Alcoa and Apple go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in Apple Inc are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.