Correlation Analysis Between Apple and NASDAQ UK

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

Comparative Performance

 Predicted Return Density 

Apple Inc  vs.  NASDAQ UK

 Performance (%) 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 2.37 times more return on investment than NASDAQ UK. However, Apple is 2.37 times more volatile than NASDAQ UK. It trades about 0.28 of its potential returns per unit of risk. NASDAQ UK is currently generating about 0.25 per unit of risk. If you would invest  15,682  in Apple on February 17, 2019 and sell it today you would earn a total of  2,930  from holding Apple or generate 18.68% return on investment over 30 days.

Pair Corralation between Apple and NASDAQ UK

Time Period2 Months [change]
StrengthVery Strong
ValuesDaily Returns

Diversification Opportunities for Apple and NASDAQ UK

Apple Inc diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and NASDAQ UK in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NASDAQ UK and Apple 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 Apple are associated (or correlated) with NASDAQ UK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NASDAQ UK has no effect on the direction of Apple i.e. Apple and NASDAQ UK 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.