Correlation Analysis Between Apple and Alcoa

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


Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 18 (%) 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.

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 recent stock price disturbance, may contribute to short term losses for the investors.

Apple and Alcoa Volatility Contrast

 Predicted Return Density 

Apple  vs.  Alcoa Corp.

 Performance (%) 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 0.46 times more return on investment than Alcoa. However, Apple is 2.16 times less risky than Alcoa. It trades about 0.28 of its potential returns per unit of risk. Alcoa Corporation is currently generating about 0.01 per unit of risk. If you would invest  21,670  in Apple on November 9, 2019 and sell it today you would earn a total of  5,401  from holding Apple or generate 24.92% return on investment over 30 days.

Pair Corralation between Apple and Alcoa

Time Period3 Months [change]
ValuesDaily Returns

Diversification Opportunities for Apple and Alcoa

Apple diversification synergy

Average diversification

Overlapping area represents the amount of risk that can be diversified away by holding Apple and Alcoa Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Alcoa 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 Alcoa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alcoa has no effect on the direction of Apple i.e. Apple and Alcoa go up and down completely randomly.
See also your portfolio center. Please also try Equity Analysis module to research over 250,000 global equities including funds, stocks and etfs to find investment opportunities.