Correlation Analysis Between Apple and Best Buy

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

Apple Inc  vs.  Best Buy Co Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 0.64 times more return on investment than Best Buy. However, Apple is 1.57 times less risky than Best Buy. It trades about 0.28 of its potential returns per unit of risk. Best Buy Co is currently generating about 0.05 per unit of risk. If you would invest  18,217  in Apple on June 23, 2018 and sell it today you would earn a total of  927.00  from holding Apple or generate 5.09% return on investment over 30 days.

Pair Corralation between Apple and Best Buy

0.39
Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Apple  
18 

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.
Best Buy Co  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Best Buy Co are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions
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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1184.91

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See also your portfolio center. Please also try Price Ceiling Movement module to calculate and plot price ceiling movement for different equity instruments.


 
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