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
Symbolsvs
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Comparative Performance

 Predicted Return Density 
      Returns 

Apple Inc  vs.  NASDAQ UK

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 1.07 times more return on investment than NASDAQ UK. However, Apple is 1.07 times more volatile than NASDAQ UK. It trades about 0.3 of its potential returns per unit of risk. NASDAQ UK is currently generating about 0.08 per unit of risk. If you would invest  20,174  in Apple on October 14, 2019 and sell it today you would earn a total of  6,273  from holding Apple or generate 31.09% return on investment over 30 days.

Pair Corralation between Apple and NASDAQ UK

-0.79
Time Period3 Months [change]
DirectionNegative 
StrengthWeak
Accuracy96.88%
ValuesDaily Returns

Diversification Opportunities for Apple and NASDAQ UK

Apple Inc diversification synergy

Pay attention

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 Theme Ratings module to determine theme ratings based on digital equity recommendations. macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.


 
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